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Iran suffers huge losses as oil price plunges from $110 to $68

Iran suffers huge losses as oil price plunges from $110 to $68

TEHRAN: Iran’s heavy oil price has fallen from about $110 in mid–June to below $68 currently. The  country exported about 1.2 to 1.25 million barrels of crude oil and condensate per day in average during  ten months of 2014. This figure during 2011 and 2012 was about 2.5 million and 1.07 million barrels  per day. Although Iran boosted exporting its oil products, but a look at the country’s oil production revenues during the last several months indicate a huge drop in prices. Iran’s most valuable exported oil products include propane, butane, tar, fuel oil as well as some petrochemical products.