Iran, South Africa to circumvent sanctions in oil trade

Iran and South Africa held talks in Tehran on Saturday to explore ways to circumvent the western sanctions on oil trade with the Islamic Republic, Mehr news agency reported.

Iranian oil minister Rostam Qasemi met with South African Energy Minister Dipuo Peters, to come to an agreement on how to sell oil to the African country.

South Africa imports some 100,000 barrels of Iranian crude per day, making it Iran’s biggest African customer and its ninth largest in the world after China, India, Japan, South Korea, Turkey, Italy, Spain and Greece.

Iran accounts for 25 percent of South Africa’s oil imports.

The National Iranian Oil Company has predicted that the international spot price for oil will jump to $150 per barrel due to Iran’s plan to suspend exports to some European states.

Iranian Oil Ministry spokesperson Ali Reza Nikzad-Rahbar has said that crude exports to British and French companies have been halted.

Source: Zawya & Tehran Times


Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password