Iran announced that under the US sanctions, oil income increased five times

Jimu Journalist Song Qingying

According to the Iranian Fars News Agency reported on August 28, the Iranian Economic Minister said that despite the severe sanctions of the United States, Iran's oil income increased 5 times compared with last year, and Iran's oil exports increased by $ 22 billion this year.

Iranian Petroleum Maritime Work (Picture Source: Fars News Agency)

A recent report released by the Fars News Agency shows that since the end of March, the country's crude oil exports have remained at a level of more than 1 million barrels per day.

In early May, the Iranian President Rich said that the government has increased oil exports and developed economic and trade relations with neighboring countries to offset US sanctions.

In July of this year, the Iranian Ministry of Petroleum announced that despite the sanctions from the United States, crude oil sales helped the government reduce budget deficit and control the fluctuations of the foreign exchange market last year.

However, the Minister of Economic Minister pointed out that in August 2021, the Iranian President Laci government came to power in the turbulent economic situation, when Iran was severely hit by the epidemic. Despite the achievements, the Iran's inflation index is far from achieving the government's goals in economic planning, and the government has taken multiple measures to reduce inflation.

Analysts believe that if Biden and its Democratic Party cannot cancel sanctions against Iran and prevent more Iranian crude oil entering the international market, they will pay political costs in the mid -term elections of Congress. Due to the conflict of Russia and Ukraine, Western countries need Iran's oil and natural gas, and Europe has strong hopes to reach an agreement with Iran in the Vienna talks.

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