Iran reports $18 billion in oil sales during conflict and ceasefire periods
via Punch Nigeria1 min read
Iran's oil ministry announced on Saturday that it sold $18 billion worth of oil during the recent war and subsequent ceasefire with the United States. The ministry stated that $11.5 billion in oil was sold during the war and an additional $6.5 billion during the ceasefire, which ended earlier this month. This revenue accounts for over 60 percent of the oil revenues projected in the annual budget amidst the crisis. However, in late June, Iran's parliament speaker and chief negotiator, Mohammad Bagher Ghalibaf, had indicated that Iran was unable to export oil due to a US blockade on its ports. The conflict began on February 28 following US-Israeli strikes on Iran, leading to Iranian retaliation against US allies. An April ceasefire largely halted the fighting, but hostilities resumed in early July as both sides contend for control of the Strait of Hormuz.
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