Iranian oil and gas revenues fell to just $8.9bn for the Iranian year to 19 March 2020, the head of the country’s budget office Mohammad Baqer Nobakht told parliament this week. “Without oil in the economy, we will only experience 0.8% growth,” he adds.

The figures do seem plausible: at a ballpark average price of $60/B, exports of 300,000 b/d (Iran’s approximate 2019 crude and condensate exports) would net around $6.6bn. Tehran also likely managed to net at least a couple billion from exports of gas and oil products. Petchems exports, which have proven more robust (MEES, 27 March), are not included in the oil & gas figure. (CONTINUED - 348 WORDS)