Oil priced at around $100 per barrel means Iran for May was out around $300 million in oil revenue because of Western economic sanctions. A U.S. Treasury Department official said sanctions are taking a slice out of oil revenue for the Islamic republic after years of pressure and May exports of oil from Iran may be at record lows. Sanctions are meant to starve Iran of the finances it needs to support its nuclear research. Following a damning report from the IAEA, the country may find itself with its back against the wall unless it changes course and fast.
Crude oil shipments from Iran declined in May to around 700,000 barrels per day, which may be the lowest level in decades. Assuming a price per barrel of around $100, Iran lost more than $300 million in oil export revenue from April to May. April exports were already hit when Japan announced it almost completely stopped purchasing Iranian crude.