Iran begins selling oil to private exporters to defeat US sanctions

DUBAI (Reuters) – Iran began Sunday to sell crude oil to private companies for export purposes, as part of a US anti-sanctions strategy that came into effect on Monday. November 4, and aimed at stopping the country's main gross exports, announced the Ministry of Oil information website, SHANA reported.

The crude oil trade is controlled by the state in Iran. Previously, private refiners could only buy crude oil for the export of petroleum products, officials said.

Of the one million barrels offered on the energy exchange, 280,000 barrels were sold at $ 74.85 a barrel, added SHANA.

Iran announced in July that it would start selling oil to private companies as part of its efforts to continue exporting oil and that it would take further action to counter sanctions after the United States asked their allies to cut off all Iranian oil imports from November.

SHANA said Sunday's crude sales were made in 35,000-barrel increments, without naming buyers.

Washington reinstated sanctions against Iran's currency, metals and auto trade in August after withdrawal from the US market by a multinational agreement reached in 2015 that lifts sanctions in exchange for restricting Iran's nuclear program . US restrictions on Iran's vital oil exports will come into effect on Nov. 4.