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Iran to Allow Crude Oil Export by Private Firms

Iran to Allow Crude Oil Export by Private FirmsIran to Allow Crude Oil Export by Private Firms

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

The country 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, Reuters reported.

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

Jahangiri said about 60,000 barrels per day of oil products are already being offered on the bourse for export.  Iran has an oil and petrochemical bourse as part of its mercantile exchange.

Referring to reports that Saudi Arabia may increase its oil exports to replace Iranian oil in world markets, Jahangiri said, “Anyone trying to take away Iran’s oil market share would be committing great treachery against Iran and will one day pay for it.”

Saudi Arabia has promised US President Donald Trump that it can raise oil production if needed and the country has 2 million barrels per day of spare capacity, the White House said on Saturday.

 

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