Iran Oil Income $29.5 bln since end-March

AS12345TD10.jpgTEHRAN (FNA)- Iran’s oil revenue totaled more than $29 billion in the first four months of the Iranian year which started on March 20, a senior oil official said.

“Iran’s oil revenue from the beginning of this year and in the first four months of the year reached $29.5,” Seifollah Jashnsaz, managing director of the Iranian National Oil Company (INOC), was quoted by MNA as saying on Friday.

Iran, the world’s fourth biggest oil producer, has made windfall gains from record crude oil prices, which soared above $145 a barrel on the international market in July.

Analysts view US-led sanctions against Iran and geopolitical factors as among the main causes of recent hike in oil prices, saying that fears of a new Middle East conflict are behind the new high for oil prices.

Market analysts, specially those from consumer nations, take Bush administration responsible for the price hikes during the last year, saying that these are frequent sanctions and the “rumors of US and Israeli action against Iran circulating in the markets” that affected oil and the dollar.

Iranian crude typically sells for several dollars below some benchmark crudes.
Iranian officials have previously said the country earned $70 billion from oil exports in the year that ended in March 2007.

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