Since 2018, Iran’s economy has suffered as US sanctions caused Iranian crude and condensate exports to collapse. Oil and gas revenues brought in just $8.9bn for the last Iranian calendar year (March 2019-2020), versus $27.8bn in 2017-2018 – the last year before the renewed sanctions took effect (MEES, 5 June).
For Iran’s embattled economy, the effects are immense. Lower-than-anticipated revenues forced Iran to slash its 2020-21 budgeted spending by 23% (in real terms) due largely to an expected 66% annual drop in oil revenues (MEES, 13 December 2019). The Covid-19 pandemic and lower oil prices have only compounded this. (CONTINUED - 746 WORDS)