US President Donald Trump said Monday he’d support extending what he called a “letter of credit” to Iran, secured by oil, to help the country meet short-term financial obligations.
Iran is now relying on the Asia’s rising dragon to be a helping hand in its oil sales as the US sanctions impede foreign Iranian crude flow. The latest data show China is trying hard to prove the US can’t affect its economy.
After one year of the imposition of oil sanctions, Iran’s economy now enjoys a stable status. Iran expects friend countries to act more actively in buying Iranian oil, Iran’s Vice President Jahangiri said.
Iran’s Oil Minister, Bijan Zanganeh, said on Sunday that the country’s oil exports had not been impacted so far by the recent tanker incidents in the Persian Gulf.
The European trade channel with Iran is reaching its final stages as it’s processing several transactions and some European countries are thinking about buying Iranian oil to inject the revenues into the mechanism.
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.