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Dubai.- Iran began Sunday to sell crude oil to private companies for export, as part of a US counter-sanctions strategy that will come into effect in November.
The marketing of oil is controlled by the Iranian state. Previously, private refineries could only buy crude for the export of petroleum products, officials said.
Of the one million barrels available on the market, 280,000 barrels were sold at 74.85 USD a barrel, said SHANA, an information website of the Ministry of Oil.
Iran announced in July that it would start selling oil to private companies as part of its efforts to continue exporting crude oil, and that it would take further measures to counter sanctions after United States asked their allies to reduce from November
The US government has reinstated sanctions against various sectors of the Iranian economy after President Donald Trump withdrew his country from a 2015 multinational agreement providing for the lifting of sanctions against the government. 39 against Iran in exchange for the limitation of its nuclear program.
US restrictions on Iran's vital oil exports will come into effect on Nov. 4.
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