iea sanctions cost iran 40bn in 2012
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
Arab Today, arab today

IEA: Sanctions cost Iran $40bn in 2012

Arab Today, arab today

Arab Today, arab today IEA: Sanctions cost Iran $40bn in 2012

Paris - AFP

Sanctions by the West on Iran succeeded in slashing Iran's oil export revenue by $40 billion in 2012, the International Energy Agency said on Wednesday, as production last month hit a three-decade low point. The IEA, the oil monitoring and policy arm of the OECD, said Iranian oil output fell to 2.65 million barrels per day in January, down from the 3.7 mbd in late 2011 before the sanctions imposed on the Islamic Republic by the US and European Union took effect.

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