Iran plans to sell discounted oil to the Asian market as a way to mitigate losses caused by US sanctions on the country, BasNews reported.

“The discount is part of the nature of the global markets being offered by all oil exporters,” a source told the Islamic Republic News Agency, without giving details on the discount rate.

Bloomberg reported on August 10 that the state-run National Iranian Oil Company was preparing to reduce official sales prices sales of oil to Asia in September to their lowest levels in 14 years compared to Saudi crude prices.