Iran’s oil revenues have more then doubled to $41 billion since Biden took office

Iran systematically diverts a portion of its oil revenues to the Islamic Revolutionary Guard Corps (IRGC) and its regional terror proxies like Hezbollah and Hamas.

By JBN

When former President Donald Trump withdrew from the Iran nuclear deal in 2018 and reimposed sanctions, critics decried the move as unnecessarily hawkish. Yet, an explosive new report by the Organization of the Petroleum Exporting Countries (OPEC) tells a compelling story.

Under Joe Biden’s watch, Iran has seen a significant surge in its oil export revenues, with figures soaring to over $41 billion in 2023. The rise in Iran’s oil exports is striking when compared to the mere $8 billion recorded in 2020, during the final year of the Trump administration. According to OPEC data, Iran’s daily export volume of crude oil, condensates, and petroleum products averaged about 1.73 million barrels last year, which is a staggering two and a half times higher than when Biden assumed office.

Traditionally, Iran systematically diverts a portion of its oil revenues to the Islamic Revolutionary Guard Corps (IRGC) and its regional terror proxies like Hezbollah and Hamas. However, Iran’s Supreme Audit Court announced on Sunday that the country has fallen short of its budgeted oil revenue targets by 26% despite increased exports.

Foreign economic policy analysts attribute the discrepancy to several factors. Primarily, Iran incurs substantial costs in circumventing US sanctions, including offering significant discounts to smugglers in China. Earlier this year, the advocacy group United Against Nuclear Iran (UANI) disclosed satellite evidence showing two vessels, HECATE and ELVA, offloading massive cargoes of Iranian crude at China’s Dongjiakou port. Furthermore, a portion of Iran’s fuel oil exports is bartered for gasoline due to domestic shortages, while some oil is provided to Syria free of charge.

In response, President Masoud Pezeshkian has ordered the government’s share of oil export revenues be increased to 65.5%, while the National Development Fund’s share be halved to 20%.

In other words, more money for missiles and less for starving Iranian citizens.