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Iran starts oil sales to private exporters to beat approaching US sanctions

US curbs on Iran's vital oil exports are set to come into force on November 4

Reuters  |  Dubai 

Iran began selling crude oil to private companies for export on Sunday, part of a strategy to counter US sanctions which come into effect on November 4 and aim to stop the country's key crude exports, the oil ministry's news website SHANA reported. Crude oil trade is state-controlled in Iran. Earlier, private refining companies could only buy crude oil for exports of oil products, officials have said. ALSO READ: Ahead of US sanctions, India places November crude orders with Iran Out of 1 million barrels offered on the energy bourse, 280,000 barrels were sold at ...

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First Published: Sun, October 28 2018. 19:41 IST