“Many countries are willing to buy Iran’s oil, but when studies are made, we find out that there is not even $1m in their accounts, not to mention enough money to pay for an oil cargo,” Zanganeh said.

“Trading with longtime customers is following its normal course, but we are precise about trading with new customers,” he said.

Zanganeh said the decisions pertaining to oil sales are made by two ministers and three senior managers familiar with banking and oil issues.

He added that the decisions by this group, selected by senior officials, have to win the approval of petroleum minister.   

Zanganeh said this five-member team also makes decisions about new type of oil contracts.