Iran Seeks to Bypass Oil Curbs Using Local Fuel Exporters

An association of Iranian oil-product exporters will help the government bypass European Union sanctions and ship as much as 500,000 barrels a day, state-run Mehr news agency reported.

Iran’s central bank and Oil Ministry signed an agreement with the Iranian Oil, Gas & Petrochemical Products Exporters’ Association, said Hassan Khosrojerdi, the head of the exporters’ group, Mehr reported yesterday. Khosrojerdi said the arrangement would enable Iran to sell crude to Europe, though he gave no details about how such sales would occur under the July 1 EU embargo.