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The value of Iran’s petroleum exports fell to $61.9bn in 2013, down a whopping 39% on $101.5bn for 2012. This was already well down on $114.8bn for 2011. Latest data released by OPEC shows, as export volumes slumped in the fact of tightening Western sanctions.
Iranian crude oil export volumes declined steeply by 42% to 1.215mn b/d in 2013 from 2.102mn b/d in 2012, according to OPEC’s 2014 Annual Statistical Bulletin (ASB), confirming the detrimental effects of the US and EU-led restrictions placed on Iran’s key oil and banking sectors in mid-2012.
The West imposed severe economic sanctions on Iran in recent years, over suspicions that its nuclear program is designed to produce weapons – a claim Tehran has vehemently denied on several occasions. (CONTINUED - 1036 WORDS)