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🇮🇱 Israel /Economy & Trade

Some $18 b. of Iranian oil sold since outbreak of war, over half of annual budget

From Jerusalem Post · () English

Summarized and contextualized by DistantNews.

At a glance

News Sources not specified Context piece
  • Iran sold approximately $18 billion worth of oil since the conflict began, exceeding 60% of its annual budget forecast.
  • Sales included $11.5 billion during the war and $6.5 billion during a ceasefire, facilitated by reduced tanker risks.
  • Shipments, primarily to China, involved moving stored crude oil and gas condensate, with analysts estimating around 70 million barrels exported during a specific window.

Iran has generated significant revenue through oil sales, totaling approximately $18 billion since the conflict's outbreak, according to Iranian Oil Minister Mohsen Paknejad. These sales have accounted for over 60% of the oil revenue projected in Iran's annual budget, demonstrating a substantial financial buffer despite international restrictions.

The minister detailed that $11.5 billion was generated during active conflict, with an additional $6.5 billion earned during a ceasefire period. The temporary cessation of hostilities reduced risks to tanker traffic, enabling increased exports and the sale of stored crude oil and gas condensate. Analysts estimate that around 100 million barrels of stored oil were moved during this time.

Estimates from the advocacy group United Against Nuclear Iran and other oil analysts suggest that Tehran exported roughly 70 million barrels of oil between mid-June and mid-July. This period followed a temporary US-Iran agreement that lifted a blockade, allowing tankers loaded at Iran's Chabahar port to proceed towards Asia. Shipments, with analysts believing China to be the ultimate destination, involved numerous Iranian tankers navigating through the Strait of Hormuz.

The sales generated more than 60% of the oil revenue forecast in Iran's annual budget.

— Mohsen PaknejadIranian Oil Minister Mohsen Paknejad stated the financial impact of oil sales relative to the national budget.
DistantNews Editorial

Originally published by Jerusalem Post. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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