Ministry of Petroleum (Iran) - Revenues From Crude Oil

Revenues From Crude Oil

See also: Iran's foreign reserves, Iranian government's budget, Iranian energy subsidy reforms, Supreme Audit Court of Iran, and National Development Fund

Iran’s total revenues from the sale of oil amounted to $77 billion in Iranian year 1387 (2008–09). The average sale price of Iran’s crude oil during that year was $100 per barrel. According to the National Iranian Oil Company, Iran’s average daily production of crude oil stood at 4 million barrels (640,000 m3) per day. Of this amount, 55% was exported and the remainder was consumed domestically. As of 2010, oil income accounts for 80% of Iran's foreign currency revenues and 60% of the nation's overall budget. Iran exported over 844 million barrels (134,200,000 m3) of oil in the one year to March 21, 2010, averaging around 2.3 million barrels (370,000 m3) a day. The exports included around 259 million barrels (41,200,000 m3) of light crude and more than 473 million barrels (75,200,000 m3) of heavy crude oil. Japan, China, South Africa, Brazil, Pakistan, Sri Lanka, Spain, India and the Netherlands are the main importers of Iran's crude oil. Iran's annual oil revenues reached $100 billion in 2011. Iran's annual oil and gas revenues are expected to reach $250 billion by 2015, including $100 billion from Iran's South Pars giant gas field.