Iran Access To Oil Jumps Despite Sanctions

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Iran has been able to get hold of its oil incomes 60% more in April and May of the year despite US sanctions that have blocked ways to access the money, oil ministry news service Shana reported, says an article published in S&P Global.

Increase compared to last year

“Reception of incomes from oil, gas condensates, natural gas, oil products and petrochemicals in the first two months of the current Iranian year has increased by 60% compared to the last year same period,” director general of the oil ministry’s public relations office, Ali Forouzandeh, was quoted as saying.

Cut-off Iran’s access

“For instance, the money received from sales of petrochemicals was $1.5 billion in the first two months of the past Iranian year and it rose to $2.45 billion this year,” Forouzandeh said.

US sanctions have cut off Iran’s access to the international banking system. Iran has been using unconventional ways to both sell its oil and use the money. The OPEC member’s oil money has been blocked in bank accounts of its customer countries.

Iranian oil minister Javad Owji said on May 19 that Iran receives more than 80% of its oil money in cash and the rest in barter deals in exchange for medicine and essential goods, the oil ministry’s website mop.ir reported.

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Source: S&P Global

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