Iran’s oil revenues USD 40 billion past eight months – minister

TEHRAN, Nov 24 (KUNA) — Minister of Petroleum Gholam-Hossein Nozari said Iran’s revenues of crude oil exports were USD 40 billion during the past eight months, projecting the digit to climb to USD 60 billion by end of next March.

Nozari, at his first news conference since assuming his ministerial post, said Iran’s crude oil production was 4.145 million barrels per day (bpd) as specified by the Organization of Petroleum Exporting Countries (OPEC).
He said Iran was capable of producing 4.3 million bpd.


Nozari said the real value of the crude oil barrel, which skyrocketed to 95 dollars, was “between 48 and 54 dollars per barrel when considering the depreciation of the US dollar.” The minister said Iran signed two agreements with Asian companies to develop three oil fields with a value of USD 35-40 billion. Nozari said American companies were welcomed to implement oil projects in Iran.

Nozari predicted foreign oil and gas investments in Iran to USD 15 billion by year end.