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Monday, Jan 7, 2013 5:00 PM UTC

Report: Iran oil revenues down 45 percent

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Topics: From the Wires,

TEHRAN, Iran (AP) — A senior lawmaker says Iran’s revenues from oil and gas exports have dropped by 45 percent because of sanctions over its suspect nuclear program.

It was a clear admission that the sanctions are having a severe impact, but Iran refuses to reign in its program.

Gholam Reza Kateb, head of the parliament’s budget committee, says oil income has dropped 40 percent in the last nine months. He was quoted by the semiofficial ISNA news agency. Banking sanctions caused the additional 5 percent drop.

Iran is under U.N. sanctions and Western oil, banking and trade restrictions over its refusal to halt uranium enrichment, which is a potential pathway for nuclear weapons development.

The U.S and its allies believe Iran of may be aiming to produce nuclear bombs, a charge Tehran denies.

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