Where There’s A Will: Private Exporters Did Not Face Any Issue Selling Its Oil, Says Iran’s Oil Minister

Iran stated on Wednesday (26 December) that private oil exporters did not face any problem selling its oil and that around three million barrels could soon be sold to non-government trading companies, reports Mint.

The United States (US) had reinstated its pre-2015 sanctions on Iran, after the former refused to renew the nuclear deal concluded in 2015. However, Iran began selling oil to private companies for export in late October just before these sanctions came into force in November.

“Those who bought oil on the bourse have been able to export and there have been no problems in this regard,” Iran’s Oil Minister Bijan Zanganeh was quoted by the state news agency IRNA.

Earlier, Zanganeh had stated that India did not allow a Russian refinery, based in India, to process Iranian oil. This limitation was imposed because India had secured the oil from Iran under a waiver from the US.

India is the second-largest buyer of oil from Iran, having imported an average of 577,000 barrels a day in 2018. This represents 27 per cent of the country’s total imports. India currently imports 80 per cent of its crude oil requirements from different countries.

Also Read: India, Iran Say No To Petro-Dollars: Sign Agreement To Pay For Oil Imports In Rupees