(Bloomberg) --
Iran's oil revenue slumped by more than half in the last Iranian calendar year, relative to government forecasts for the previous year, according to figures quoted by President Hassan Rouhani.
Sales from Iran's main currency earner reached “slightly more than $20 billion” in the 12 months to March 2020, Rouhani said in remarks shown on state TV.
Iran's government budget had forecast $53 billion of revenues from oil for the 12 months ending March 2019, according to a report by the state-run Islamic Republic News Agency published in Dec. 2017.
Iran ceased providing official data on oil production and exports in 2018, after the U.S. renewed sanctions on the country and said it wanted to drive the Islamic Republic's oil exports down to “zero”. According to data compiled by Bloomberg, China remains the key destination for Iranian oil with observed crude and condensate flows totaling 133,000 barrels a day in August.
Rouhani said on Sunday that Iran's income from oil in 2011 came to $120 billion.
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