The Organization of the Petroleum Exporting Countries (OPEC) announced in its Annual Statistical Bulletin that Iran's oil revenues, down by $8.3 billion, in 2014 reached $53.6 billion.
The OPEC said Iran oil revenues have decreased by $47.8 billion in the past two years. Iran in 2012 gained $101.4 billion out of oil sales and its oil income was put at $114.7 billion in 2011.
In December 2014, Saudi Arabia said that it would not cut output to prop up oil markets even if non-OPEC nations did so.
Iranian Oil Minister Bijan Namdar Zanganeh has set an output target of 5.7 million barrels per day of crude oil by 2018, according to official statements.
By holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world’s fourth largest crude oil reserves.