Iran Reports $18bn Oil Revenue Despite War With US and Ceasefire Breakdown

Iran has announced that it earned $18 billion from oil sales during the war with the United States and the ceasefire period that followed.

According to a statement released by the country’s Oil Ministry on Saturday, Iran recorded $11.5 billion in oil sales during the conflict and another $6.5 billion while the ceasefire remained in effect before it broke down earlier this month.

“The ministry sold $11.5 billion of oil during the war and $6.5 billion during the ceasefire.”

The ministry said the earnings represented more than 60 per cent of the oil revenue projected in the national budget despite the conflict.

“This covers more than 60 percent of the oil revenues forecast in the year’s budget in the midst of the crisis,” it stated.

The figures differ from comments made by Iran’s Parliament Speaker and chief negotiator, Mohammad Bagher Ghalibaf, who said in late June that the country could not export oil because of a US blockade on its ports.

The war erupted following US-Israeli strikes on Iran on February 28, with Tehran responding by targeting US allies across the region.

An April ceasefire temporarily reduced the violence, but fighting resumed earlier in July as both sides continued their confrontation over the Strait of Hormuz, one of the world’s most important oil shipping routes.

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