Iran is exporting the highest amount of crude oil in five years, although it offers discounts of up to $30 per barrel The Wall Street Journal reported Thursday. Tehran keeps its export and revenue details as state secret, but the WSJ quoted and Iranian official as saying that it offers deep discounts of up to $30 per barrel. Iran needs around $50 billion from oil exports to balance its budget, but estimates say actual annual proceeds are around $25 billion. Iran’s banking system is also under US sanction and any oil revenues are laundered through intermediaries. A former oil official told a Tehran website Thursday that Iran is refurbishing refineries in Venezuela and trying to refine oil there that can be somehow offered in the world market.

Source: Wall Street Journal July 06, 2023 22:43 UTC