Iran exports $6 billion worth of oil during ceasefire

Iran has been able to export about 70 million barrels of crude oil, worth about $5 to $6 billion, under a short-term temporary agreement with the United States. The Wall Street Journal (WSJ), an influential US media outlet, recently reported this news, citing information from the anti-nuclear non-governmental organization United Against Nuclear Iran.

The report said that between mid-June and mid-July, about 20 Iranian oil tankers left for various Asian countries. Iran was able to release such a large amount of oil to the market mainly because of the temporary relaxation of US sanctions.

Earlier, on June 22, the US Treasury Department's Office of Foreign Assets Control (OFAC) issued a general license. Through that document, the US sanctions on the production, supply, and sale of Iranian oil and petroleum products were temporarily relaxed.

However, this decision did not last long. On July 7, the US Treasury Department announced the cancellation of the general license issued in June. Although the relaxation was supposed to continue until August 21, according to the pre-agreed agreement, the new directive re-imposed sanctions on Iran's oil sector and banned all new transactions or activities in this sector.

Source: TASS.