Iran’s oil revenues reached a record $62bn for the first 11 months of this Iranian year - an increase of 31 per cent over the same period the previous year, according to a senior Iranian oil official.

Hojjatollah Ghanimifard, deputy to the head of the National Iranian Oil Company (NIOC) for international affairs said Iran’s oil exports, at 2.4m b/d, would generate about $69bn by the end of the year on March 19. Iran produces around 4.2m b/d of oil, of which 2.4m b/d is exported.