Despite the challenges posed by war, sanctions, and trade restrictions, Iran's Ministry of Oil maintained crude oil production and exports, achieving approximately 60% of the annual oil revenue target in the first months of the Iranian year 1405 (started late March 2026). The ministry generated $18 billion in oil revenue, including $11.5 billion during the war and $6.5 billion during the ceasefire, while transferring around $11 billion to the state treasury.
According to the Website of Iran’s Oil Ministry, a key strategic decision was to maintain production instead of cutting output during weaker market conditions in late 1404. By storing roughly 100 million barrels of crude oil and condensate, the ministry preserved production capacity and capitalized on higher global oil prices following the outbreak of the war. The timely sale of these inventories reportedly generated an additional $3 billion in revenue without increasing production.
The temporary ceasefire also enabled a rapid increase in exports, allowing tens of millions of barrels of stored crude and condensate to reach international markets. This reduced storage costs, freed tanker capacity, and supported uninterrupted production from oil fields.
Beyond export performance, the ministry shortened the time required to receive oil export revenues, improved financial management, and continued investing in upstream development, drilling, processing facilities, and production capacity expansion. It also reported record crude oil and natural gas production, particularly from the South Pars gas field, while accelerating associated gas recovery projects to reduce flaring and increase feedstock for refineries and petrochemical plants.
According to the report, these achievements demonstrate the ministry's ability to sustain production, maximize export opportunities, strengthen government revenues, and continue long-term investment despite wartime conditions and international sanctions.