Private Buyers: Iran’s Workaround to Sell Crude Oil Despite US Sanctions

Iran intends to go ahead with its oil exports, as confirmed by its President, Hassan Rouhani.

Arslan Butt•Tuesday, April 30, 2019•1 min read

Trump’s threats appear to have fallen on deaf ears as Iran intends to go ahead with its oil exports, as confirmed by its President, Hassan Rouhani. On Tuesday, state-controlled National Iranian Oil Co put up 1 million barrels of heavy crude for trading on Iran’s Energy Exchange, IRENEX, as it tries to attract private buyers.

In an attempt to workaround the US sanctions, Iran had started selling crude oil through IRENEX to private buyers around the world. According to Fars news agency, Iran had managed to sell 70,000 barrels of crude at $60.68 per barrel through this route.

The US government announced on April 22 that all countries must stop importing oil from Iran from May 1 or face sanctions themselves. The US had imposed sanctions on Iranian crude exports back in November 2018, but had granted a partial waiver of sanctions to eight countries to continue importing Iranian crude in limited quantities.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.