Despite international sanctions and threats, Iran is remarkably profiting from its oil exports, earning nearly double its pre-war revenue. This is achieved through a sophisticated, opaque network involving various domestic sellers, elaborate shipping deception, and a complex payment system primarily through small Chinese banks. China is the main buyer, acquiring about 90% of Iran's oil, with most proceeds financing the Revolutionary Guard.
Summarized by Podsumo
Iran is earning nearly twice as much from oil exports as before the war, selling 2.4-2.8 million barrels daily at higher prices despite sanctions and the Strait of Hormuz blockage.
The regime employs a sophisticated evasion network involving various internal groups (like the IRGC) selling oil, front companies for shipping with forged documents and spoofed locations, and complex payment structures through disposable trust accounts in small Chinese banks.
Approximately 90% of Iran's oil is purchased by hundreds of small 'teapot refiners' in China, who are less concerned about US sanctions than larger state-owned companies.
The majority of these substantial oil proceeds are channeled to Iran's Revolutionary Guard, directly financing its military operations and strengthening the regime's resilience against external pressure.
Direct military action against Iran's oil infrastructure, though threatened, is considered highly risky due to potential global oil price spikes and the likelihood of Iranian retaliation against Gulf energy assets.
"Really remarkably Iran is now earning nearly twice as much from oil as it was before the war began."
"So China is the answer. China is buying about 90% of Iranian oil."
"Most of the proceeds seem to be going to Iran's revolutionary guard, so it's helping finance the war."