On Wednesday, the 13th of February, a US State Department official said that Iran had lost more than $10 billion in crude oil revenues following US sanctions over their crude oil since last November, mentioning that the sanction had evaporated roughly 1.5 million barrels of heavy crude per day from the global crude oil market.
The State Department’s Special representative to Iran, Brain Hook said over the sidelines of CERAWeek energy conference that the United States had been planning to bring down Iranian crude oil exports to zero.
Never the less, Hook also mentioned that the decision was largely contributed by a global oil surplus, mostly resulted by a record US crude production. In fact, US sanctions on Iran and Venezuela, two OPEC nations producing over 1.5 and 0.52 million barrels of heavy crudes per day, alongside production cuts by Russia and other OPEC nations such as Saudi Arabia had surged the oil prices to a nearly four-month-high on Wednesday (March 13th).
Iran had reached a tentative deal with world powers compromising their nuclear programs in 2015, which allowed a lift of sanction over Iranian crude on 2016, and the deal also included the exported crude oil should be limited by such margin, so Iran could not generate enough revenue for their nuclear and ballistic missile programs.
However, last November, the US administration, had again imposed sanctions of Iranian crude, saying that the revenue generated by Iran through their oil exports could reinforce their local authority over other Gulf nations in conflict such as Syria.