TEHRAN - U.S. Energy Information Administration (EIA) in a recent report has put Iran’s oil revenues earned in the first seven months of 2022 at $34 billion, only five billion less than Iran’s total oil revenue in 2021.

Based on the EIA report, Iran's average monthly income from oil sales in January-July has been $4.85 billion, 49 percent more than the average monthly income in the previous year which was $3.25 billion.

Iran's oil revenue in the said seven months is twice the whole income in 2020, indicating that the impacts of the U.S. sanctions against Iran are weakening.

Iran earned $17 billion in oil revenue in 2020 and $39 billion in 2021, and according to EIA, the Islamic Republic’s oil revenue will reach $58 billion in 2022.

EIA has put the total oil income of 13 OPEC members in the mentioned months at $500 billion.

Based on the report, OPEC's income in the first seven months of this year is only $70 billion less than the $570 billion recorded for this organization in the previous year. The members of the organization sold $500 billion of oil in January-July 2022.

Iran has been ramping up its oil production and exports over the past year as the country has been implementing new strategies to overcome U.S. sanctions.

The Islamic Republic’s oil revenues increased by eight times in the first five months of the current Iranian calendar year (March 21-August 22) with respect to the same period of the previous year, according to official statistics.

Earlier in November, Iranian Oil Minister Javad Oji said the country reached the highest record of oil, gas condensate, and petrochemical exports since 2017 (when the U.S. started re-imposing sanctions on Iran’s oil industry) in the eighth Iranian calendar month of Aban (October 23-November 21).

“Iran's oil industry is now at the forefront of the economic war and the toughest sanctions have been imposed on this industry,” he said, noting that the industry has thrived despite the mentioned pressures.

EF/MA