Iran's Oil Exports Defy Conflict, Total $18 Billion

Iran's oil minister Mohsen Paknejad announced that during the conflict with the US, Iran exported approximately $18 billion worth of oil. This figure includes $11.5 billion in oil sales during the height of hostilities and an additional $6.5 billion after a ceasefire took effect.

Paknejad noted that despite the risks to oil tanker traffic, Iran was able to secure more than 60% of the oil revenues projected in the annual budget. The country had stockpiled about 100 million barrels of crude oil and gas condensate before the fighting began, which it subsequently sold.

The minister attributed the increase in exports to a temporary reduction in risks to oil tanker traffic, despite ongoing sanctions. However, he did not specify which countries were purchasing Iranian oil, stating only that China remains the largest importer of Iranian oil.