IEA: Sanctions Cost Iran $40 Billion in 2012

Sanctions imposed by West on Iran succeeded in cutting Tehran’s oil export revenue by $40 billion in 2012.

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Rachel Hirshfeld,

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Sanctions imposed by the West on Iran over its disputed nuclear program succeeded in cutting Tehran’s oil export revenue by $40 billion in 2012, the International Energy Agency (IEA) said on Wednesday, as production last month hit a three-decade low point.

The IEA, the oil monitoring and policy arm of the Organization for Economic Co-operation and Development (OECD), said Iranian oil output fell to 2.65 million barrels per day in January, down from the 3.7 mbd in late 2011 before the sanctions imposed on the Islamic Republic by the US and European Union took effect, AFP reported.

A delegation from the International Atomic Energy Agency (IAEA) arrived early Wednesday in Tehran for new talks in an attempt to resolve differences with Iran over its nuclear program, the body's chief inspector, Herman Nackaerts, told reporters at Vienna airport on Tuesday.

"Differences remain... we will work hard to try to resolve these differences," Nackaerts said. "We will have good negotiations."

The IAEA delegation is due to meet Iranian officials on Wednesday for the eighth round of talks in a year, and the third such trip in the past three months.

The IAEA continues to urge Iran to grant it access to nuclear sites, particularly Parchin, as well as individuals and documents that can help provide information into Tehran's nuclear activities.