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Iran Oil Revenues Drop 45 Percent in 9 Months Because of Sanctions
(AP-Washington Post) Iran's revenues from oil and gas exports have dropped by 45% because of sanctions over its nuclear program, Gholam Reza Kateb, head of the Iranian parliament's budget committee, said Monday. The International Energy Agency says Iran's oil exports plunged to 1 million barrels a day last July from 1.74 million in June after an EU embargo went into effect, but it said exports picked up to about 1.3 million in November. In another sign of the effectiveness of the sanctions, most flights operated by Iranian airlines to domestic and international destinations have been cancelled because of unpaid debts.