Iran's daily oil export revenue reaches $139 million

Iran’s oil exports have not collapsed, and its crude oil prices are far higher than pre-war levels, bringing Iran substantial additional revenue. At present, Iran’s crude oil is the only oil that can pass through the Strait of Hormuz without hindrance.

Unlike all other Gulf oil-producing countries, Iran’s oil can go through the Strait of Hormuz, keeping its export volume stable. Since the outbreak of the war, as oil prices have risen and the discount of Iran’s crude oil relative to Brent has significantly narrowed, stable export volumes and higher prices have delivered several million dollars in extra oil revenue to the Islamic Republic of Iran.

Based on media estimates of exports from Tankertrackers.com and calculations using Iran’s light crude oil prices, as of March, by selling its flagship Iran Light crude oil, Iran may earn as much as $139 million per day.

The calculations show that, compared with February’s estimated daily revenue of $115 million from Iran’s light crude oil, the forecast average daily revenue for March increases by nearly $25 million.

Iran has benefited in multiple ways in the crisis at the Strait of Hormuz.

First, when most other Gulf countries’ oil supply remains trapped by the strait, Iran’s oil tankers are able to pass through the Strait of Hormuz. Second, a massive supply shock in the Middle East has pushed international crude oil prices above $100 per barrel (Brent was around $105 per barrel in early trading on Thursday), increasing oil sales revenue. Finally, equally important is that the large pre-war discount of more than $10 per barrel for Iran’s oil relative to Brent has narrowed this week to just $2.10.

Since the United States and Israel began bombing Iran and killing the Ayatollah, Iran’s oil exports have remained resilient, meaning the rise in oil prices and the free flow of Iran’s oil through the Strait of Hormuz are very likely increasing Iran’s oil revenue.

Windward, a maritime intelligence company, said on Wednesday that Iran’s crude oil exports have remained relatively stable.

U.S. exemptions for selling to Iran may not have attracted other buyers besides existing established customers, but this has undoubtedly pushed up the price of Iran’s crude oil and narrowed its discount to Brent.

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