Speaking in a televised interview on Wednesday evening, the Iranian Minister of Petroleum said bartering oil with goods and investment were some methods the country could resort to in order to trade its crude oil under the sanctions.

Regarding the 13th administration’s plans to sell crude oil and circumvent the sanctions, he said: "With the capacity that exists in the Ministry of Petroleum and its subsidiaries, capable and specialized forces, as well as the will to sell oil and use the power of all foreign capacities and devices and given the handy permits and authority given to the Minister by the Supreme National Security Council, along with the support of the administration, we undoubtedly promise with good planning and strong will that, God willing, good things will happen in the field of oil sales in the coming months.”

The official added: "Although the sale of our oil has decreased significantly after the oppressive sanctions, there exists this power and capacity in the Ministry of Petroleum and one of the ways is to barter oil with goods and investment not only in the oil sector but also in other sectors and industries."

The Minister of Petroleum continued: "In order to maintain the current level of production, experts predicted an investment of at least $15 billion, and to increase production and operationalization of new joint fields and their development and completion in four years, about 25 to 20 billion of capital is needed.”