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Iran's oil revenues for past year to hit $69 billion


TEHRAN, March 3 (RIA Novosti) - Iran's revenues from crude oil exports in the year leading up to March 20 will total about $69 billion, an Iranian deputy oil minister said on Tuesday.

"The average world oil price over the past year was around $80 per barrel. Iran's revenues from the sale of crude oil following the results of the year amount to more than $68 billion," Akbar Tarkan said in a national TV interview.

World oil prices have plummeted from their peak of $140 per barrel in July to around $40 per barrel.

In the year from March 21, 2007 to March 20, 2008, the Islamic Republic earned about $70 billion from crude oil exports.

Iran ranks fourth in terms of crude reserves after Saudi Arabia, Iraq and Kuwait, and fourth in terms of oil production after Saudi Arabia, the United States and Russia.

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