Brian Hook, the US State Department's special representative for Iran, said US sanctions on Iran's oil exports have caused revenue losses for Iran exceeding $50 billion, severely hindered the country's push to expand refined-product exports, and ended foreign investment in its energy sector.
Investors from foreign countries have almost entirely left Iran. US sanctions have driven Iran oil exports to levels as low as in 1980 when the war between Iran and Iraq started.
The country's oil exports have reduced by more than 2 million bpd. Its revenue from oil has dropped by more than 80%. Since May 2018, Iran's revenues have plunged by more than $50 billion. A fall at a rate of $30 billion per year is currently posted as its revenues.
In order to begin talks between the US and Iran, many analysts believe that some sanctions relief will need to be offered. However, that is a position the US is not considering, Hook said.
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