(ET)
Iran is selling oil and gas at a discount to Asian customers as it prepares for the return of US sanctions, state news agency IRNA reported. The “informed source” in Iran’s oil ministry did not give details of the discount, but sought to downplay the move as common industry practice.
“Discount is part of the nature of the global markets being offered by all oil exporters,” the source told IRNA. The United States will seek to block Iran’s international oil sales from November 5, when the second phase of sanctions are reimposed as part of Washington’s withdrawal from the 2015 nuclear deal.
Several key buyers, including China and India, who account for roughly half of Iran’s sales, have said they are not willing to make significant cuts to their energy purchases from Iran.
