Iran reports $18 billion in oil sales during war and ceasefire
Iran's oil minister says the country earned $18 billion from oil sales during the conflict and subsequent ceasefire, surpassing budget expectations.
Key Takeaways
AIIranian Oil Minister Mohsen Paknejad said Iran sold $11.5 billion worth of oil during the war, and an additional $6.5 billion during the ceasefire period.
According to Iran's Tasnim news agency, the minister added that these sales accounted for more than 60 percent of the oil revenues projected in Iran's annual budget.
A reduction in risks facing oil tankers contributed to increased exports, and also enabled the sale of part of the roughly 100 million barrels of stored crude oil and gas condensates, according to Reuters.
The Iran war disrupted the Strait of Hormuz, a route for about 20 percent of global oil shipments, pushing prices close to $120 per barrel before easing to around $100, amid fears that continued conflict could drive prices above $150.
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