During the temporary ceasefire, Iran exported around 70 million barrels of oil from the US, with an estimated value of $5–6 billion, The Wall Street Journal reported on 19 July, citing data from analysts and tanker tracking. China is likely to have been the main end buyer of the crude.
According to the newspaper, following the lifting of the US naval blockade in mid-June, Tehran stepped up the shipment of its accumulated stocks. Since the end of June, around 20 Iranian tankers have begun arriving off the east coast of Malaysia. Among them, the WSJ names the vessels Diona, Hero II, Sonia 1 and Stream.
At sea, the oil was transhipped from Iranian vessels to other tankers. This ‘ship-to-ship’ scheme makes it possible to conceal the origin of the cargo, alter the accompanying documents and make it more difficult to track shipments subject to US sanctions. After transhipment, the oil was mainly sent to small independent refineries in China.
The TankerTrackers platform previously reported that, since 15 June alone, Iran had exported tens of millions of barrels of crude. As of 24 June, the volume was estimated at approximately 40 million barrels, of which around 20 million barrels left the country in a single day – 19 June.
Subsequently, the US reinstated the blockade of Iran’s coastline, ports and oil terminals. The new sanctions regime came into force on 14 July against the backdrop of renewed hostilities between Washington and Tehran.
The estimate of $5–6 billion reflects the approximate market value of the exported oil. Iran’s actual revenue may have been lower due to discounts for Chinese buyers, transport costs and intermediaries. There is no independent confirmation that the Iranian authorities have received the full amount stated.