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Iran grossed $70 billion from oil sales over the country's
Iran grossed $70 billion from oil sales over the country's past solar year, which according to the Iranian calendar runs from March 21, 2007 until March 20, 2008, the oil minister said on Friday.

Gholamhossein Nozari told national television that in the past two years, oil production exceeded 4 million barrels per day, currently at 4.21 million, which is a new record since the 1979 Islamic Revolution.

He said about 2.5 million barrels per day was exported.

Iran's oil export earnings in the previous year stood at $54 billion.

Iran ranks fourth in terms of crude reserves after Saudi Arabia, Iraq and Kuwait, as well as fourth in terms of oil production after Saudi Arabia, the United States and Russia.

Tehran exports the majority of crude produced in the country.


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