May 5, 2019, 4:02 PM
News Code 83303817
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Iran using all resources to sell oil in grey market

Tehran, May 5, IRNA - Iran mobilized all its resources to sell oil in a “grey market”, bypassing “illegitimate” US sanctions, Deputy Oil Minister Amir Hossein Zamaninia said on Sunday.

“We have mobilized all of the country’s resources and are selling oil in the ‘gray market’,” the official said in a forum about the US oil sanctions on Iran and its consequences. Zamaninia gave no details about the “grey market”.

“We certainly won’t sell 2.5 million barrels per day as under the (nuclear deal). but we have found a grey market,” Zamaninia said, giving no figures for current sales.

The United States, which last year withdrew from 2015 Iran nuclear deal with world powers, has told buyers of Iranian oil to stop purchases by May 1 or face sanctions.

Iran says it will continue to export oil in defiance of US sanctions.

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