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Iran to let private sector export oil to help beat US sanctions

Iran to let private sector export oil to help beat US sanctions

Iran : Iran will allow private companies to export crude oil, part of a strategy to counter US sanctions, First Vice President Eshaq Jahangiri said on Sunday.

Iran is looking at ways to keep exporting oil as well as other measures to counter sanctions after the United States told allies to cut all imports of Iranian oil from November.

“Iranian crude oil will be offered on the bourse and the private sector can export it in a transparent way,” Jahangiri told an economic event in Tehran broadcast live on state television.

“We want to defeat America’s efforts … to stop Iran’s oil exports,” he said.

“Oil is already being offered on the bourse, about 60,000 barrels per day, but that has been only for exports of oil products,” Jahangiri said. Iran has an oil and petrochemicals bourse as part of its mercantile exchange.