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FinancialNews


  • 24-08-22

    Iranian oil profits increase despite US sanctions

    (MENAFN) After finding new clients for its oil, Iran has recorded a notable increase in crude profits in spite of US restrictions.

    Stating to state TV on Monday night, Oil Minister Javad Owji mentioned that Iran is also using barter exchange as a means of avoiding US restrictions to trade its crude oil.

    Restrictions forced by the USA have prohibited Iran from trading its energy outputs, but Tehran has discovered methods to move around the sanctions.

    Owji stated that whatever oil the nation has traded in 2021, it has received the money for it without postponement, also stating that the requirements in the gas area have also been reached.

    He labelled the innovation and use of external refineries as one of the accomplishments of the incumbent administration ran by Ebrahim Raisi, which took over in 2021.

    In 2021, Owji stated that the concentration has progressively been on the output of gas condensate and the marketing of oil, also mentioning that new markets have been established in Latin America, Asia, as well as Europe.

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