Iran’s crude oil and oil product revenues in the first four months of the Iranian year beginning March 21 until July 23 jumped by 60 percent on the year to reach the equivalent of US$9.9 billion, Iranian media report , citing figures by the Central Bank of Iran. Oil sales revenues soared 84.2 percent, to US$8.3 billion, setting a record, according to the central bank. The increased revenues were the result of much higher oil prices this year compared to last year, and Iran’s high oil export volumes in March, April, and May. In May, the United States said it intended to slap sanctions on Iranian oil exports starting November 5, expecting to get Iranian oil sales down to zero. Over the past two months, Iran’s oil exports have already started to drop, as some buyers started to shun Iranian oil due to the coming sanctions and lack of […]