August 01, 2022 | Claire Jungman and Daniel Roth
Earlier this month, Iran’s Central Bank (CBI) reported a vast annual jump in oil revenues for the financial year ending March 2022. Export revenues from oil, gas, and related by-products totaled $39 billion, compared to $22 billion for the previous year – a rise of 77% and an extra $17 billion. (Incidentally, the CBI’s figures are remarkably consistent with UANI’s own estimates based on our ship-tracking research. Taking into account the significant discount at which Iran sells its oil, from March 2021 to May 2022, UANI estimates Iran’s oil revenue at $37.7 billion).
This drastic yearly increase in revenue naturally matches a corresponding surge in Iranian oil exports – a result of terminally lax sanctions-enforcement. For July, despite certain road bumps, Tehran managed to keep exports steady around the million barrels per day (bdp) mark because of an increasing willingness to deploy its own sanctioned tanker fleet.