Central Bank of Iran says oil sales are on the rise and that petrodollars are coming back much easier as Iran forays into various avenues to examine how to bypass the US sanctions.
The restructuring comes after the US reimposed economic sanctions on the country’s vital oil and banking sectors, reducing Tehran’s petrodollars.
The EU’s plan to continue trading with Iran in defiance of US sanctions has, so far, come up short. Tehran wants oil included in the new barter system, INSTEX. Despite US threats, Brussels appears to be listening.
National Iranian Oil Company (NIOC) says foreign natural entities can also purchase the Iranian oil that is offered each week on Iranian Energy Exchange in a bid to lure more potential customers for its crude.
The Iranian oil minister said on Sunday that his is confident the Iran’s oil sales will improve in the future despite the US sanctions.
The Iranian envoy to India Ali Chegeni said India and Iran are long-time friends and that it’s in New Delhi’s interests to buy Iranian oil.
This is the 12th offer of two million barrels of oil on the Energy Exchange since such sales started in November 2018.
Data by the French company Kpler show that the oil has been delivered at one of the Sinopec’s refineries. It would be the second oil shipment from Iran to China following the end of US sanctions waivers on 2 May.
The Iranian oil minister says the extension doesn’t involve Iran as the country is already suffering the consequences of US unilateral sanctioned reimposed last year.
The Iranian foreign minister says the European payment mechanism isn’t enough but that it’s strategic. Also, the Iranian oil minister says the channel needs Iranian crude money as capital.