Earlier today, Iran started selling its crude oil to private companies which would then be exported. The move is part of the country’s strategy to counter U.S sanctions. On 4th November, U.S sanctions came into effect with an aim to stop the country’s crude exports, according to reports from SHANA.
According to some officials, private companies could trade crude oil only for the purposed of exports of oil products and the country crude oil trade is state-controlled.
Reports from Shana stated that the country offered 1 million barrels on the energy bourse, out of which 280,000 barrels were sold out at a price of $74.85 per barrel.
In July, the country’s officials confirmed that it would start the sale of oil to private companies which would be a part of its strategy to keep exporting oil. In November, this year, the United States told allies to cut all imports from of oil from Iran and after these sanctions the country is looking to for other measures to export oil.
Sales for crude oil were carried out in increments where 35,000 barrels were sold to an unknown buyer, as per Shana’s report.
In August, the U.S. government reintroduced its sanctions against Iran metal, currency trade, and auto sectors. On November 4th, U.S sanctions on Iran’s oil would come into force.