After the Maritime Blockade Was Lifted... Where Did Iran Sell $9 Billion Worth of Crude Oil?

Iran is estimated to have exported a significant volume of crude oil to China immediately after its maritime blockade was lifted.

The Wall Street Journal (WSJ) reported on the 18th (local time) that, following the U.S. decision to lift Iran's maritime blockade in mid-June, Iranian authorities are estimated to have exported crude oil worth approximately 9 trillion won.

On the 6th (local time), a citizen attending the funeral of Ayatollah Khamenei at Azadi Square in Tehran, Iran, held a placard reading 'Kill Trump.' Photo by Yonhap News.

According to United Against Nuclear Iran (UANI), Iran exported about 70 million barrels of crude oil during the one-month period from mid-June—when the U.S. lifted the blockade on Iranian oil—to mid-July. The value of the crude oil exported during this period is estimated at 5 to 6 billion dollars (equivalent to 7.45 trillion to 8.94 trillion won).

The final destination of the oil is believed to be China. In fact, since late last month, about 20 Iranian oil tankers—each fully loaded with crude oil—have converged off the eastern coast of Malaysia, a maritime area frequently used as a transshipment hub for cargo bound for China. It has been determined that these tankers transferred the crude oil to other ships outside Malaysia's territorial waters, after which it was transported to so-called “teapot refineries”—China’s small-scale private refineries.

Iran exported approximately 50 million barrels in just late June alone, which corresponds to about one month's worth of Iranian oil exports to China before the war. The sharp increase in the number of Iranian tankers arriving near Malaysian waters suggests that Iran could receive several billion dollars in crude oil payments over the coming months.

Charlie Brown, an analyst at UANI, said, "If the blockade had remained in place, Iran would have begun to face significant pressure by now," adding, "Following the lifting of the blockade, Iran was able to considerably increase its oil exports and secure substantial financial buffer capacity."

Jonathan Panikoff, a Middle East expert at the U.S. think tank Atlantic Council, stated, "The Iranian economy is experiencing the most difficult period since the revolution, and every dollar counts," adding, "The Iranian regime is highly likely to prioritize securing revenue for strategic purposes, with the most important objective being to fight the United States."

This content was produced with the assistance of AI translation services.