Iran transfers US$7.5 billion oil revenue to central bank

Iran transferred US$7.5 billion in oil sales revenue during the first four months of the Iranian calendar to the central bank, according to a Fars report citing Iran's Petroleum Ministry. The funds were considered enough to cover the government's foreign-currency spending needs for the July-December period. The report said oil revenue from March 21-July 22 reached 99 percent of the budget target for the same period in the fiscal year March 21 2026-March 20 2027. Amid the US naval blockade, Iran was also said to still have oil stocks available for sale outside the affected area. Petroleum Minister Mohsen Paknejad had previously said sales were continuing, although volumes had fallen. Central bank governor Abdolnaser Hemmati also acknowledged that Iran's oil exports had nearly stopped because of conditions in the region.