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High Prices Helping Iran Make Up For Loss Of Half Of Oil Exports, VP Says

Iran has lost some customers for its oil because of looming U.S. sanctions, but high prices are making up for the lost sales, Iranian Vice President Eshaq Jahangiri has said.“While some countries have stopped buying oil from Iran, we have found new partners,” he was quoted as saying by Iran's IRIB broadcaster on October 15.“America thinks Saudi Arabia can replace this oil. But right now Iran’s oil has reached more than $80 [per barrel], and with half the previous exports we will have the same income as before,” he said.Jahangiri said that some countries which have stopped importing oil from Iran are looking for workarounds which would allow them to continue to import energy from Iran indirectly.

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