BAKU, Azerbaijan, December 24. Iran has scaled back the level of discounts applied to its crude oil sales, the country's Oil Minister Mohsen Paknejad told reporters following a Cabinet meeting in Tehran on December 24, Trend reports.
Paknejad said the discounts linked to crude oil sales had been in place from August last year through August–September 2025.
“The way oil sales are attracting attention in the global energy market is having an impact on sales,” he noted.
Paknejad did not disclose details regarding the size of the discounts or the volume and value of Iran’s crude oil exports. Due to sanctions imposed on Iran’s oil sector, Iranian officials have generally refrained from publicly commenting on crude oil production, sales, and related issues.
Since 2018, the U.S. has imposed numerous sanctions on Iran over its nuclear program, including multiple embargoes aimed at restricting the country’s crude oil exports. As a result, Iran sells its crude oil through so-called gray markets and has focused on producing oil extraction equipment domestically.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. Using existing technology, the country is capable of extracting around 340 billion barrels, meaning roughly 30% of its reserves can currently be utilized, while about 70% remain untapped underground.
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