Iran nets $18b in oil revenue during war, ceasefire with US
Iran sold $18 billion worth of oil during a recent war with the United States and the ceasefire that followed, the Oil Ministry’s media outlet Shana reported.
According to Shana, Iran exported $11.5 billion worth of crude during the war and a further $6.5 billion during the ceasefire period.
The agency said the figure covered more than 60% of the oil revenue forecast in the current fiscal year’s budget, hailing the Oil Ministry as “the main pillar of securing budget resources at the most sensitive economic juncture of the country.”
The war broke out on February 28 with airstrikes by the United States and Israel against Iran. Days later, Iran shut down the Strait of Hormuz, through which 20% of the world’s oil and LNG flows, to all vessels except its own. The move pushed up oil prices quickly from $70 a barrel to above $100, topping $110 on some days.
During the 39-day war, the US issued a sanctions waiver for Iranian oil trade aimed at driving down prices.
Shana said Iran seized on a “golden opportunity” presented by the price rise, releasing some 100 million barrels of stored crude and condensates onto the market that it had previously been unable to sell “favorably.” The price increase is estimated to have brought in an extra $3 billion for Iran.
In mid-April, the US military imposed a naval blockade of Iranian ports for more than two months in the Sea of Oman and the Indian Ocean. US Central Command (CENTCOM) claimed to have intercepted and turned back dozens of Iranian vessels during that period, seized two tankers and attacked several others.
Iranian Parliament Speaker and chief negotiator Mohammad Baqer Qalibaf said that during that period Iran “did not export even a single barrel of oil.”
However, following an interim peace deal signed by Iran and the United States on 18 June, which led to the lifting of oil sanctions and the naval blockade, “tens of millions of barrels of oil and gas condensates” were loaded and exported from Iran’s export terminals, according to Shana.
Shana said around $11 billion of the $18 billion in oil revenue collected had been paid into the state treasury.
The interim momo unraveled earlier this month when the US accused Iran of attacking two oil tankers in the Strait of Hormuz and reinstated its naval blockade.