By Micah Halpern
I've Been Thinking:
This week Iran will start exporting 500,000 barrels of oil per day to Russia.
The delivery is part of the "oil for goods deal" that Iran and Russia have been speaking about since April. For a long time, it was just talk. Now it is becoming a reality.
Iran will provide the oil and, in turn, Russia will give Iran food and cash. With the cash, Iran is supposed to buy iron and other essential goods.
The Iranian oil minister, Bijan Zanganeh, was quoted in FARS, one of the official news outlets of the Islamic Republic, talking about the deal. The official announcement was made in Teheran as the minister returned from the latest OPEC meeting in Vienna. He made it clear when he said "Russia will begin oil imports from Iran this week."
"We agreed with (Russian Energy Minister) Alexander Novak in Vienna that Russia will buy less than 500,000 bpd from Iran in exchange for cash, and Iran will use this cash to buy Russian goods such as steel, wheat and oil products from Russia."
This effectively ends the sanctions against Iran. Russia is only the first among nations to begin trading with Iran again. The list will not be a short one.
Micah@MicahHalpern.com
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