Iran to only trade with countries that import its oil

In the wake of threats from the United States (US) to reduce its oil revenue to zero, Iran has flouted plans of purchasing goods only from countries that import its oil.

"We will use a bartering system to exchange oil for goods. This means that we will make the purchase of goods conditional on oil sales. We are telling relevant markets and countries, which will purchase our oil, that we will buy goods in case they purchase our oil," a representative of the Iranian parliament's energy committee, Asadollah Qarekhani, was quoted by Sputnik as saying.

He also mentioned that a working group to discuss the plan was being formed.

US President Donald Trump took to his Twitter handle to lambast the Organisation of the Petroleum Exporting Countries (OPEC), demanding them to do more to reduce oil prices 'NOW!'

"The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members for very little $'s. This must be a two way street. REDUCE PRICING NOW!" Trump tweeted.

This comes in the light of increased pressure from the Trump administration on allies to stop funding to Iran. The US has asked countries to cut all oil imports from Iran by the start of November or else face powerful sanctions, a senior official of the State Department stated.

According to the sources, India is hoping to hold engagement on this subject with the US within the span of a month but it is unlikely for the US to grant a waiver.

Furthermore, the sources assured that India will take a decision keeping in view its national interests and energy security needs.