Iran claims $18 billion in oil sales during war and ceasefire

Iran's oil ministry announced Saturday that the country successfully sold $18 billion worth of oil during a period encompassing a recent war and the ensuing ceasefire with the United States. The ministry stated that $11.5 billion in oil was sold during the war, with an additional $6.5 billion sold during the ceasefire, which collapsed earlier this month. This achievement reportedly covered more than 60 percent of the oil revenues forecasted in the national budget for the year, even amidst the crisis.

This assertion from the oil ministry directly contradicts earlier statements made by Iran's parliament speaker and chief negotiator, Mohammad Bagher Ghalibaf. In late June, Ghalibaf had stated that Iran was unable to export any oil while under a US blockade of its ports. The conflicting reports highlight potential discrepancies in how Iran's oil export capabilities and successes are being communicated domestically.

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The ministry sold $11.5 billion of oil during the war and $6.5 billion during the ceasefire.

The conflict between the US and Iran, which reportedly sparked on February 28 following US-Israeli strikes on Iran, led to retaliatory actions against US allies in the region. An initial ceasefire in April largely halted the fighting, but hostilities reportedly resumed in early July. The primary point of contention appears to be control over the vital Strait of Hormuz.

The oil ministry's statement aims to project an image of economic resilience and successful navigation of international sanctions and conflict. By quantifying the oil sales during these critical periods, Iran seeks to demonstrate its capacity to maintain crucial revenue streams despite significant geopolitical pressures and blockades.

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This covers more than 60 percent of the oil revenues forecast in the year’s budget in the midst of the crisis.