After finding new customers for its oil, Iran has reported a significant surge in crude revenues despite US sanctions.
Speaking to state TV on Monday night, Oil Minister Javad Owji said Iran is also using barter trade as a means of circumventing US sanctions to sell its crude oil.
Sanctions imposed by Washington have prevented Iran from selling its energy products, but Tehran has found ways to move around the penalties.
Owji said whatever oil the country has sold in the last year, it has received the money for it without delay, adding that the demands in the gas sector have also been met.
He described the discovery and use of offshore refineries as one of the achievements of the incumbent government led by President Ebrahim Raisi, which took over last year.
In the last year, Owji said the focus has increasingly been on the production of gas condensate and the marketing of oil, adding that new markets have been found in Latin America, Asia, and Europe.
He said Iran is ready to mitigate the global energy crisis by supplying its oil to Europe.
"We have a good capacity in the production of oil and gas, which can make up for part of the world's energy shortage,” the minister said.
He attributed the increase in oil sales to the clearing of oil products, identification of offshore refineries, and exchange of oil with goods such as medicine and grain.
Almost 70-80% of the sales, he added, were paid in foreign currency.