Financial advisor Hamid Biglari left Iran for the United States in 1977 – two years before the 1979 Islamic Revolution – when his native country produced nearly 6 million barrels of oil per day. In the following decades, Iran’s economy collapsed due to sanctions by the west, and more recently, falling oil prices.
“It turns out that Iran has lost about $135 billion just from the fact that it wasn’t able to produce as much as it did post-sanctions,” Biglari told KGOU’s World Views. But it’s going to lose, over the next five years, about $180 billion. It will lose even more than what it lost during sanctions. So it’s a double-whammy deal.”