Iran selling its oil in ‘gray markets’ despite US sanction: Deputy Minister

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Iran selling its oil in ‘gray markets’ despite US sanction: Deputy Minister

On Sunday, the 5th of May 2019, Iran’s Deputy oil minister, Amir Hossain said that the nation had been mobilizing all of its resources to sell its oil in a ‘grey market’, bypassing a US sanction that Tehran alongside its veiled allies saw as illegitimate, an Iranian State Media report revealed.

The trump Administration, which last year aborted a 2015 Iran nuclear deal with other global powers, had warned later last month that all foreign buyers of Iranian crude oil must stop purchasing by May 1st or face consequences.

However, followed by a reinforcement of US sanction, as an initial response, Iran had been quoted saying that the nation would continue to export its crude oil despite US sanctions, parts of a US campaign aimed at curbing regional influence of Iran and preventing it from expanding its nuclear programs.

According to the Iranian State News Agency, IRNA, Iranian deputy oil minister, Amir Hossain Zamaninia said on Sunday (May 5th), “We have mobilized all of the country’s resources and are selling oil in the ‘gray market,” while Amir Hossain did not disclose the whereabouts of Iran’s ‘gray market’, however, Iran had been widely reported selling oil at steep discounts through private firms during the periods of sanction earlier this decade.

Besides, without disclosing any exact figure of its current oil sales, Iran’s Deputy oil minister said, “We certainly won’t sell 2.5 million barrels per day as under the (nuclear deal). We will need to make serious decisions about our financial and economic management, and the government is working on that. This is not smuggling. This is countering sanctions which we do not see as just or legitimate”.