Iranian “Businessman” Reports Record-High Oil Exports Despite Sanctions

Access to reliable information about Iran’s oil exports, revenue, and gold or foreign currency reserves has become increasingly limited, as the Iranian regime seeks to shield itself from mounting U.S. economic warfare and, more recently, the United Nations’ “snapback” sanctions. Some caution is therefore advisable when reading overly optimistic assessments of Iran’s oil performance. Still, one fact remains clear: As long as China continues to import Iranian oil, the regime appears to be capable of remaining economically afloat.

• October 23: In a commentary published in reformist Etemad, Amir-Reza Etemadi, who identified himself as a “businessman,” argued that the “snapback” sanctions have had little impact on Iran’s oil exports:
  • “The Europeans, citing Iran’s violation of the Joint Comprehensive Plan of Action, called for the reinstatement of six U.N. sanction resolutions in late September … However, unlike the original resolutions from the 2000s, they do not explicitly sanction the purchase or sale of Iranian oil.”
  • “To counter currency shocks resulting from renewed pressure, Iranian officials decided to strengthen the country’s foreign exchange reserves through alternative markets for currency and gold. Imports of gold bullion rose sharply: Official Chinese customs data show that in December 2024 and January 2025, Iran imported more than 2.25 tons of raw gold from China, paying roughly $201 million for it. According to former bank of industry and mine officials, Iran’s gold imports during the 2024 calendar year (up to fall 2024) reached about 100 tons – valued at over $8 billion … This policy of physically purchasing gold instead of repatriating foreign currency from oil exports represents a deliberate attempt to strengthen reserves and evade dollar-based sanctions.”
  • “At the same time, Iran’s official data indicates that 2024 saw the highest oil revenue in nearly a decade: Total oil exports reached $67 billion – an unprecedented figure under sanctions. Meanwhile, media coverage has shown that secret envoys from India have recently signaled their readiness to buy Iranian oil. A member of Iran’s parliamentary Energy Commission confirmed that New Delhi had formally expressed interest in purchasing Iranian oil, and that during the first seven months of 2025 India imported about $205 million worth of crude oil and refined products from Iran … However, during the early months of 2025, China continued to be Iran’s main oil customer: Its imports of Iranian crude reached an all-time record of roughly 1.7 million barrels per day to 1.8 mb/d in March, accounting for nearly 90% of Iran’s oil exports.”
  • “Credible analytical data shows that in June Iran’s average crude oil exports reached 1.8 mb/d, the highest figure in recent history … According to the International Energy Agency, Iran’s average oil exports during the first half of 2025 were around 1.7 mb/d, indicating that the country not only adapted to the hardships of sanctions but also managed to boost exports even amid escalating restrictions.”

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