By Jennifer Calfas
As the U.S. seeks to enforce a blockade on Iranian exports and potentially board Iran-linked ships outside the Middle East in the coming days, the country faces a significant revenue hit if the crackdown proves successful.
Iran exported billions of dollars worth of oil in recent months, accelerating its shipments ahead of military action by the U.S. and Israel. Iran exported an average of 1.84 million barrels a day in March, according to data from Vortexa, and 2.15 million barrels a day in February. That's about 38% higher than in December 2024, according to data provider CEIC.
The vast majority of Iran's crude oil exports go to Chinese buyers. While U.S. sanctions have made it challenging to pay Iran for its oil, The Wall Street Journal has reported China pays for Iran's oil with infrastructure financing that avoids traditional banking systems. Oil is a significant part of Iran's economy and government revenue, according to the World Bank. Before the war, the country's economy faced significant constraints due to sanctions, and much of its infrastructure has been damaged in the U.S. and Israeli bombing campaigns.
Despite increasing oil exports, Iran faced a drop in oil revenue as buyers and middlemen took advantage of the nation's challenging position to seek more significant discounts. The declining oil revenue has heightened Iran's economic crisis that led to days of deadly protests.
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(END) Dow Jones Newswires
April 18, 2026 14:00 ET (18:00 GMT)
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