Iran General NewsIran busts sanctions with private oil sale

Iran busts sanctions with private oil sale

-

UPI: The Iranian Oil Ministry said the private sector can now sell as much as 400,000 barrels of oil per day on the international market to get around sanctions. United Press International

TEHRAN, May 11 (UPI) — The Iranian Oil Ministry said the private sector can now sell as much as 400,000 barrels of oil per day on the international market to get around sanctions.

New Delhi, one of Iran’s largest oil consumers, has faced difficulties this year in purchasing Iranian crude oil because of economic sanctions targeting the Islamic republic’s Central Bank.

Hassan Khosrojerdi, director of the Iranian Oil, Gas and Petrochemical Products Exporters Union, said the Oil Ministry gave the private sector the rights to sell 400,000 barrels of oil per day on the international market.

“The Iranian official pointed to the sanctions against Iran’s Central Bank, which handles oil sales, saying the exports of crude oil by the domestic private sector would ease this (sanctions) restriction,” Iran’s state-funded broadcaster Press TV reports.

The National Iranian Oil Co. is excluded from the measure and private entities may only sell to foreign refineries, the director added.

Iran sits at the top of the Organization of Petroleum Exporting Countries in terms of oil production and exports. OPEC, in its monthly report for May, said crude oil production from member states averaged 31.62 million barrels per day last month, indicating a rise in production from Iraq, Libya, Saudi Arabia, Nigeria and Angola. Iranian crude output decreased, however.

Latest news

Iran’s Regime Claims To Fill Global Energy Gap Despite Crippled Petroleum Sector

In recent weeks, the Iranian regime’s officials have been constantly exaggerating their huge capacity in oil and gas reserves...

What Is Happening in Iran?

Following the brutal killing of Masha Amini, the Iranian people have once again united to fight and defeat the...

Iran Regime’s Ministry of Culture’s Decision To Eliminate Children’s Intellectual Centers

With the so-called ‘Cultural Revolution’ which took place between 1980 and 1983, the Iranian regime tried to purge the...

Water Shortage Crisis and the Destruction of Iran’s Water Resources

Iran is currently suffering from a number of dangerous natural disasters. One of the most worrying is the drying...

Economic Freedom Under the Rule of the Mullahs in Iran

The Fraser institute published its annual report of the index of economic freedom on September 8, which measured the...

Iran’s Regime Continues Its Internet Restriction Project

This is part of the outlook of a document by the Iranian regime’s Supreme Council of Cyberspace, which has...

Must read

Iran’s Ahmadinejad: Sharon dead and “others to follow suit”

Iran Focus: Tehran, Jan 05 – Iran’s hard-line President...

Iran again under scrutiny after new Afghan weapons find

AFP: For the second time this month, Iran has...

You might also likeRELATED
Recommended to you