Iranian crude revenues are to come to an estimated USD 70 billion this year, said Iranian Oil Minister Assistant for planning Affairs Akbar Torkan.

Iran’s oil revenues are expected to reach USD 70 billion by end of fiscal year, March 19, despite the dramatic drop in oil prices in international markets, Torkan said in a speech he delivered at the University of Tehran.

Torkan the estimates put Iranian crude at an average USD 80 per barrel, noting that the Islamic Republic’s oil revenues last year came to USD 68 billion.

Iran is the fourth largest oil producer, with a daily output of some four million barrels.

(Kuwait News Agency & Zawya)