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(Reuters) - Peg Mackey and Alex Lawler - Iran's state finances have come under unprecedented pressure as oil income plummets due to tightening Western sanctions and sharply falling oil prices. Shipments of crude oil from Iran are already down by more than a quarter, or about 600,000 barrels per day, from rates of 2.2 million bpd last year. Tehran is already estimated to have lost more than $10 billion in oil revenues this year. Causing even more pain, oil prices fell below $100 a barrel last week to a 16-month low. According to the International Monetary Fund, Iran needs oil at $117 a barrel to balance its budget. Barrels counted upon arrival in Iran's top four customers - China, India, Japan and South Korea - show a 20% decrease, or 357,000 bpd, so far this year. 2012-06-12 00:00:00Full Article
Iran Feels Sanctions Pain as Oil Income Slumps
(Reuters) - Peg Mackey and Alex Lawler - Iran's state finances have come under unprecedented pressure as oil income plummets due to tightening Western sanctions and sharply falling oil prices. Shipments of crude oil from Iran are already down by more than a quarter, or about 600,000 barrels per day, from rates of 2.2 million bpd last year. Tehran is already estimated to have lost more than $10 billion in oil revenues this year. Causing even more pain, oil prices fell below $100 a barrel last week to a 16-month low. According to the International Monetary Fund, Iran needs oil at $117 a barrel to balance its budget. Barrels counted upon arrival in Iran's top four customers - China, India, Japan and South Korea - show a 20% decrease, or 357,000 bpd, so far this year. 2012-06-12 00:00:00Full Article
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