- Iran said its profits from oil and gas exports rose 60% year-on-year, as the Russian war in Ukraine pushed prices up.
- The ministry said that despite tough sanctions against Iran, it generated $2.45 billion in exports in the first two months of the year.
- Russia and Saudi Arabia have also benefited from the price hike, as oil prices are up about 50% year-to-date.
Iran has seen a 60% year-over-year increase in its energy export revenue over the past two months thanks to a sharp rise in market prices.
Russian Oil Ministry official Ali Foruzandeh said the country is seeing a “dramatic” increase in revenues from the sale of oil and related energy products despite the strict sanctions imposed on the state of Shanna, it was reported on Sunday.
Foruzanda told the state news agency that revenue for the first two months of the calendar year, which began on March 21, was $2.45 billion. This compares with $1.5 billion in the same period last year.
The Russian invasion of Ukraine in late February sent global energy prices soaring. Britain and the United States banned oil imports from Russia. Hungary has defied the EU’s plan to do the same, but many Western companies are imposing sanctions on themselves.
Brent crude, the international benchmark, was trading at around $116 a barrel on Monday, up about 50% year-to-date.
Higher energy prices eased some of the financial pain of sanctions against Russia and helped Moscow generate foreign exchange.
Iran has also benefited, despite its harsh Western sanctions that have limited the country’s ability to sell its oil. President Donald Trump imposed the latest sanctions after the United States withdrew from the Iran nuclear deal in 2018.
“Revenues from the export of oil, gas condensate, natural gas, petroleum products and petrochemical products in the first two months of this year increased significantly compared to the same period last year,” Foruzandeh said, according to SHANA.
Saudi Arabia also received a boost, with oil exports hitting a six-year high of $30 billion in March alone, according to the Saudi Statistics Office.
Source site – 19