Iran Ministry Reports $18 Billion in Oil Sales During War

The Ministry of Petroleum of Iran announced on Saturday that it generated $18 billion from oil exports during a conflict and subsequent ceasefire with the United States. The ministry reported that $11.5 billion in sales occurred during the war and $6.5 billion were earned during a ceasefire that collapsed in early July. These revenues account for more than 60 percent of the oil income forecast in the national budget.

To achieve these figures, the ministry maintained production levels and stored approximately 100 million barrels of crude oil and condensate to take advantage of higher global prices following the outbreak of war. These reported earnings contradict a late June statement by Parliament Speaker and chief negotiator Mohammad Bagher Ghalibaf, who claimed that a U.S. blockade of ports had prevented Iran from exporting any oil.

The conflict began on February 28 after joint U.S.-Israeli strikes on Iran, which prompted Iranian retaliation against U.S. allies. While an April ceasefire temporarily paused the fighting, hostilities resumed in July as the United States and Iran fought for control of the Strait of Hormuz.