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🇮🇩 Indonesia /Economy & Trade

Iran transfers $7.5 billion in oil revenue to central bank amid US blockade

From Republika · () Indonesian

Translated from Indonesian and summarized by DistantNews. Read the original for the full story.

At a glance

News From a news agency New plan
  • Iran transferred $7.5 billion in oil revenue to its central bank in the first four months of the current Iranian calendar year.
  • The revenue is expected to cover the government's foreign exchange needs for the second half of the year.
  • Despite a U.S. naval blockade, Iran continues to sell oil, though at reduced volumes, to meet its budget targets.

Iran has successfully transferred $7.5 billion in oil revenue to its central bank, covering its foreign exchange needs for the latter half of the Iranian calendar year. This achievement comes despite a U.S. naval blockade that has disrupted the nation's oil exports and maritime trade.

The Ministry of Oil reported that Iran's oil revenue for the first four months of the year reached 99% of its projected target. The country maintains sufficient oil reserves to sell outside blockaded areas, ensuring it can meet its budget goals for the 2026-2027 fiscal year.

Minister of Oil Mohsen Paknejad confirmed that oil sales continue, reaching customers far beyond territorial waters. However, he acknowledged a decrease in sales volume since the naval blockade was reimposed, citing security concerns for not disclosing further details.

Central Bank Governor Abdolnaser Hemmati previously stated that Iran's oil exports had nearly halted due to regional conditions. This latest development suggests a resilience in Iran's oil trade operations despite significant international pressure.

About this summary

Originally published by Republika in Indonesian. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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