At their peak, these reserves consisted of almost 90 million barrels of oil, according to Kpler. By October 5, the reserves dropped to fewer than one million barrels, and have since been exhausted.
Iran's oil reserves, kept in tankers and sold to China over time, have been completely depleted, The Wall Street Journal reported on Wednesday, citing Kpler analysts.
At their peak, these reserves consisted of almost 90 million barrels of oil, according to Kpler. By October 5, the reserves dropped to fewer than one million barrels, and have since been exhausted.
“There’s no more oil to discharge to China anymore,” Kpler's crude-oil analysis head Homayoun Falakshahi said.
Other analysts, the WSJ reported, said Chinese payments to Iran may take up to two months to arrive, meaning the regime may still receive some funding from past sales.
The consequences for Iran's already-struggling economy may be dire, with Falakshahi saying that the oil sales generally account for approximately 30-40% of its government revenue.
“It looks like the US gamble is that the economy will either push the regime back into negotiations to accept a nuclear deal, or will spark protests internally which the regime will face challenges containing,” he said.
Iman Nasseri, senior vice president of Middle East and Asia at energy-analytics company FGE NexantECA in Dubai and former worker in the research arm of Iran’s oil ministry, said that the US strategy was working, but not to discount the Iranian regime's resilience. “Let’s wait another year and see if the system can stand.”
Iran-backed groups redirecting funds to IRGC, CENTCOM says
Iran-backed groups including Hezbollah, Hamas, and Shiite militias in Iraq have been redirecting money to Iran’s Islamic Revolutionary Guard Corps (IRGC) as Tehran faces mounting economic pressure after nine months of war, US Central Command (CENTCOM) chief Adm. Brad Cooper said in a video statement released earlier this month.
The United States’ naval blockade has cost Iran an estimated $25 billion in lost oil revenue, he said.
Additionally, CENTCOM and the US Treasury Department froze $350 million in Iranian cryptocurrency assets in recent weeks.
Asher Smith contributed to this report.