(TEHRAN, IRAN) – Iran has sold crude oil worth $18 billion since the beginning of its conflict with the United States, securing more than 60 percent of the annual budgeted oil revenue even during the most intense period of hostilities, Oil Minister Mohsen Paknejad said.
Paknejad told Al Jazeera that oil sales totalling $11.5 billion were completed during the war period, which began with a US and Israeli operation on 28 February. A further $6.5 billion in sales was achieved during a ceasefire period. The combined figure represents a significant portion of the country’s planned petroleum income for the year.
The minister said Iran had accumulated approximately 100 million barrels of crude oil and gas condensate before the conflict began. This stockpile was subsequently sold into global markets. At the current Brent crude price of $90 per barrel, the stored volumes would carry a notional market value of roughly $9 billion (around £7.1 billion or €8.2 billion).
Paknejad noted that a temporary reduction in risks to the movement of oil tankers, despite international sanctions, allowed Iran to significantly increase its crude exports and place a large portion of the accumulated reserves onto world markets.
The minister did not specify which countries purchased Iranian oil during this period. China is known to be the largest recipient of Iranian crude exports, typically taking the majority of shipments through a network of vessels that often operate with reduced transparency.
The ability to sustain oil export flows has provided a financial lifeline to Tehran while it manages the aftermath of military strikes. Satellite imagery indicates that Iran has rapidly rebuilt a significant portion of the military and logistics infrastructure destroyed during US and Israeli attacks in recent months, from bridges to missile bases.
The speed at which Tehran is restoring damaged facilities has allowed the Iranian regime to continue its standoff with the United States following the resumption of hostilities in early July. Diplomats from Oman and Iran may reach agreement over the weekend on a plan to reopen the Strait of Hormuz, according to an Axios report, in a move that would carry major implications for global energy trade.
The Strait of Hormuz is one of the world’s most critical energy chokepoints, with roughly 20 million barrels of oil passing through it daily. Any prolonged disruption affects global crude prices and the cost of refined products across Asia, Europe and beyond.