Iran Sells $18 Billion in Oil Since War Began, Surpassing Half of Yearly Budget Target

These transactions accounted for over 60 percent of the oil revenue expected in Iran's annual budget, according to Oil Minister Mohsen Paknejad.

Iranian Oil Minister Mohsen Paknejad reported that the country sold $11.5 billion in oil during the active phase of the conflict and an additional $6.5 billion after a ceasefire took effect. Reduced risks to shipping allowed exports to rise and enabled the sale of roughly 100 million barrels of stored crude oil and gas condensate.

The total sales represented more than 60 percent of the oil revenue anticipated in Iran's yearly budget, Paknejad stated.

The Wall Street Journal had previously estimated that Iran shipped around 70 million barrels of oil valued at $5 billion to $6 billion during a one-month pause in the US blockade, which helped rebuild financial reserves before limits were reimposed.

Starting in late June, approximately 20 Iranian tankers reached waters off the east coast of Malaysia. The Diona was among the earliest to arrive, followed by the Hero II, Sonia 1, and the Stream on July 13.

Analysts assess that the shipments were ultimately bound for China, Iran's main buyer of sanctioned crude.

Continued Deliveries of Oil to China

Data from United Against Nuclear Iran and oil analysts showed that Tehran transported about 70 million barrels between mid-June and mid-July.

Around 50 million barrels departed Iran in the second half of June, matching roughly one month of prewar exports to China. The movements followed a temporary US-Iran agreement on June 17 that lifted the blockade and permitted tankers from Chabahar to head toward Asia.