An oil tanker is seen off the port of Bandar Abbas, southern Iran, on July 2, 2012
An oil tanker is seen off the port of Bandar Abbas, southern Iran, on July 2, 2012. 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. © Atta Kenare - AFP
An oil tanker is seen off the port of Bandar Abbas, southern Iran, on July 2, 2012
AFP
Last updated: February 13, 2013

Sanctions cost Iran $40 billion in 2012, says IEA

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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