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Sanctions cost Iran $40bn in 2012: IEA

Feb 13 2013 12:43

Paris - Sanctions by the West on Iran succeeded in slashing Iran's oil export revenue by $40bn in 2012, the International Energy Agency said on Wednesday, as production last month hit a three-decade low point.

The IEA, the oil monitoring and policy arm of the Organization of Economic Cooperation and Development, said Iranian oil output fell to 2.65 million barrels per day (mbd) 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.

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