During the temporary truce with the U.S., Iran exported about 70 million barrels of oil with an estimated value of $5–6 billion, The Wall Street Journal reported on July 19, citing data from analysts and tanker tracking. China is believed to have been the main end buyer of the crude.
According to the publication, after the U.S. naval blockade was lifted in mid-June, Tehran accelerated the shipment of its accumulated reserves. Starting in late June, about 20 Iranian tankers began 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 transshipped from Iranian vessels to other tankers. This ship-to-ship scheme makes it possible to conceal the cargo’s origin, alter accompanying documents, and make it difficult to track shipments subject to U.S. sanctions. After transshipment, the oil was primarily sent to small independent refineries in China.
The TankerTrackers platform previously reported that Iran had exported tens of millions of barrels of crude oil since June 15 alone. By June 24, the volume was estimated at approximately 40 million barrels, of which about 20 million barrels left the country in a single day—June 19.
The U.S. subsequently reinstated the blockade of Iran’s coastline, ports, and oil terminals. The new sanctions regime took effect on July 14 amid 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 granted to Chinese buyers, transportation costs, and fees paid to intermediaries. There is no independent confirmation that the Iranian authorities received the full amount indicated.
