Iran’s oil and condensate export earnings surged 580 percent in the first four months of the Iranian calendar, which began on March 21 this year, Iran’s Economic Affairs and Finance Minister Seyyed Ehsan Khandouzi said on Tuesday .
International crude prices remained largely above $100 a barrel between March 21 and July 21, after the Russian-Ukrainian conflict broke out and led to sanctions on Russian oil exports that disrupted global trade flows.
Iran’s 12-month inflation hit 40 percent in July, statistics released last week showed. Commodities in Iran have surged since the government scrapped some subsidies earlier this year.
Iran has been preparing to rejoin the global oil market despite a diplomatic standoff in nuclear deal talks. The country has boosted production and boosted exports to key markets. Analysts said Iran’s oil exports would increase by 500,000 to 1 million bpd if a new deal was reached with world powers .
The recent visit of Russian President Vladimir Putin to Iran has drawn attention. Iranian and Russian companies in Tehran signed the largest foreign investment agreement ever in the Iranian economy. Under the agreement, Russian companies will invest $40 billion in Iran’s oil industry. According to the report, Russia previously had an investment project worth 4 billion US dollars in the Iranian oil industry, which means that the scale of the new investment project is 10 times that of the previous project.
The Iranian general foreign exchange market is also open for trading in the rial-ruble currency pair. Iranian exporters can trade in rubles at agreed exchange rates through designated banks and exchanges. According to Iran’s Tasnim News Agency, on the 26th local time, the Iranian Minister of Economy said that it has confirmed that the US dollar will no longer be used in economic and commercial trade between Iran and Russia.