Iran starts oil sales to private exporters to beat approaching US sanctions

US curbs on Iran's vital oil exports are set to come into force on November 4

Iran began selling crude oil to private companies for export on Sunday, part of a strategy to counter US sanctions which come into effect on November 4 and aim to stop the country's key crude exports, the oil ministry's news website SHANA reported.  

Crude oil trade is state-controlled in Iran. Earlier, private refining companies could only buy crude oil for exports of oil products, officials have said.

Out of 1 million barrels offered on the energy bourse, 280,000 barrels were sold at $74.85 per barrel,