Iran is looking towards private companies to export its oil as part of its strategy to counter US sanctions, state media and officials announced on July 1, according to Reuters.

“Iranian crude oil will be offered on the bourse and the private sector can export it in a transparent way,” First Vice President Eshaq Jahangiri announced on live television.

“We want to defeat America’s efforts … to stop Iran’s oil exports,” he said.

“Oil is already being offered on the bourse, about 60,000 barrels per day, but that has been only for exports of oil products,” Jahangiri said.

Iran currently has an oil and petrochemicals bourse as a part of its mercantile exchange.

The United States told its allies in June to cut all imports of Iranian crude by November or risk facing US sanctions.