FT: Iran oil revenues surge above $140 million a day

Iran is likely generating more than $140 million per day in oil revenue as global crude prices climb above $100 a barrel and enforcement of U.S. sanctions appears limited amid efforts to avoid further destabilising energy markets.

Since US and Israeli strikes began at the end of last month, at least 13 supertankers have loaded crude at Iran’s main export terminal on Kharg Island, according to analysts monitoring satellite imagery of tanker traffic, Financial Times reports. 

Data from energy analytics firm Kpler indicate that roughly 24 million barrels of Iranian oil have passed through the Strait of Hormuz during the conflict period. Iran has effectively restricted access to the vital shipping lane—normally responsible for about 20% of global oil and liquefied natural gas flows—by firing at tankers in the Gulf, limiting transit for other vessels.

The disruption has contributed to a sharp rise in oilprices, with Brent crude trading above $100 per barrel. Several Middle Eastern producers have reportedly curtailed output due to export and storage constraints linked to the instability.

Prior to the escalation, Iran had accelerated exports to nearly 4 million barrels per day in an effort to move crude out of the Gulf. Since the conflict began, analysts at Kpler and Vortexa estimate Iran has loaded between 1.5 million and 1.6 million barrels per day onto tankers.

Assuming Iranian crude is sold at a roughly $10 discount to Brent prices due to U.S. sanctions, this export volume translates into approximately $140 million in daily revenue.

More than 90% of Iran’s oil exports are believed to go to China, often to smaller independent refineries that continue purchasing the discounted crude despite existing sanctions.

By Sabina Mammadli