Oil Minister: Iran's Private Sector Facing No Problem in Crude Export

Iranian Oil Minister Bijan Zangeneh ruled out that the country's companies are facing problems in exporting crude due to the unilateral sanctions imposed by the US against Tehran.

"Private buyers of Iranian crude have been able to export it without any problems," Zangeneh said.

The Iranian oil minister pointed to the method of payment by Iran's foreign clients, and said, "Foreign buyers could choose whether to pay for the crude in Iranian rial or foreign currencies."

Iran launched the sale of oil supply futures on the eve of the new US sanctions targeting the country’s oil and banking sectors, and managed to sell 280,000 barrels of crude on the first day. In these transactions, the price per barrel was $74.85, 20 percent of which were paid in Iranian rial and the rest in foreign currencies.

In the second phase, the country sold 700,000 barrels of crude, with price per barrel at $64.97.

So far, the system of sales in the stock market was based on 20 percent paid with Iranian rial, and 80 percent in foreign currencies. Recent requests and proposals indicate that the sales will be paid 100 percent with Iranian rails from now on.

source: FARS News Agency