Oil income exceeds $16b despite US naval blockade
Iran’s oil revenue surpassed $16 billion in the first half of the current Iranian calendar year, marking the highest six-month figure in years despite a US naval blockade of Iranian ports, Fars News Agency reported on September 21.
The semi-official media outlet said the figure was based on information it had obtained, adding that oil sales in the first six months of the Iranian year, which began on March 21, had surpassed the amount predicted in the annual budget.
Over the weekend, Fars had reported said Iran’s oil sales in the past 30 days had reached their highest monthly level in two years, surpassing $3 billion.
The agency did not provide an average daily sales volume for that period.
Iran’s national budget had projected around $25.4 billion in revenue from crude oil and condensate exports, based on shipments of approximately 1.045 million barrels per day (bpd) at a benchmark price of $54 a barrel.
The reported increase in sales comes as the US military has imposed a second naval blockade on southern Iranian ports and Iran-linked vessels and tankers since mid-July in the wake of a war it waged with help of Israel against the country in late July.
Iran’s crude oil production has meanwhile nosedived since the war began. OPEC’s latest monthly report put Iranian output at 2.1 million barrels per day in August, down 34% from 3.2 million bpd before the conflict.
An Iranian senior lawmaker said last month that higher oil prices had helped increase revenues despite difficulties in exporting crude.
Oil prices had traded above $70 a barrel before the war but surged past $100 after Iran restricted shipping through the Strait of Hormuz in early March. The vital waterway handles around 20% of global oil and gas shipments.
Prices have remained above $90 since early September, briefly crossing $100 and currently fluctuating around $101 a barrel.