After the United States lifted its maritime blockade on Iran last month under a U.S.-Iran cease-fire deal, Iran exported crude oil worth about 9 trillion won, according to foreign media reports.
On the 18th, The Wall Street Journal (WSJ) cited United Against Nuclear Iran (UANI), a pressure group against Iran, as saying that from mid-last month, when the United States lifted the blockade on Iranian crude, to mid-this month, over about a month, Iran exported about 70 million barrels of crude.
The value of the crude exported during this period was estimated at $5 billion to $6 billion (about 7.45 trillion won to 8.94 trillion won).
The final destination of Iranian crude is presumed to be China. In fact, from late last month, about 20 Iranian oil tankers laden with crude gathered one after another in waters off the east coast of Malaysia, which are used as a transshipment hub for China-bound crude. With the sharp increase in Iranian tankers arriving in waters near Malaysia, Iran is expected to receive crude sales proceeds worth billions of dollars over the coming months.
WSJ reported that Iranian tankers used a method of transferring crude to other tankers in waters outside Malaysia's territorial sea and then transporting it to China's small private refineries known as "teapot refineries."
Charlie Brown, an analyst at UANI, said, "If the blockade had remained in place, Iran would be starting to feel significant pressure by now," adding, "But once the blockade was lifted, Iran immediately ramped up crude exports and regained considerable buffer capacity."
Jonathan Panikoff, a Middle East expert at the Atlantic Council, said, "Iran's economy is in its most difficult situation since the revolution, so every $1 earned from crude exports matters," adding, "The Iranian regime is likely to prioritize securing revenue to achieve its strategic goals, and the most important of those is to continue its war with the United States."