“The fall in oil revenues in the past two years severely affected the government budget, but the administration... [of President Hassan Rouhani] did its utmost to...minimize the impacts of drop in petrodollars on people’s life,” Es’haq Jahangiri said.

He said Iran used to export between 2 and 2.3 mb/d of oil up to 2011 with oil price at $100 to $140 a barrel, adding that the sanctions cut Iran’s oil exports to 1 mb/d with prices at around $50.

Jahangiri said the administration of former president Mahmoud Ahmadinejad failed to manage the impacts of sanctions.