XLE & Oil

Iran Braces for a Budget Without Oil Revenue

OilPrice.com·Nov 13, 2026 · 5:00 PM CT
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Iran is drafting next year's budget on the premise that oil revenue could fall to zero, senior budget official Mohammad Ghasemi told the government, as U.S. officials say Iran has loaded no crude since Aug. 25 and oil held at sea outside the blockade dropped from 88.8 million barrels in mid-July to zero by mid-October. Analysts cited in the report say oil accounts for roughly 30% of the government budget and a larger share of total regime revenue once indirect income is counted; Kpler expects payments could stop around mid-December because Chinese buyers settle one to two months after delivery. President Trump has kept the blockade in place, said “we don't need a deal with Iran,” and removed Vice President JD Vance from the negotiations.

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