Iran has proposed plans of purchasing goods from and maintaining trade relations only with countries that import oil from Iran.
The decision comes in wake of the United States threatening the West Asian country to reduce its oil revenue to zero. The Trump administration has also continually put pressure on its allies to stop all trade with Iran.
"We will use a bartering system to exchange oil for goods. This means that we will make the purchase of goods conditional on oil sales. We are telling relevant markets and countries, which will purchase our oil, that we will buy goods in case they purchase our oil," said Asadollah Qarekhani, Iranian legislator and representative of Iranian Parliament's energy committee said.
He added that a working group was being formed to discuss the plan.
US President Donald Trump expressed his discontentment regarding the Organisation of the Petroleum Exporting Countries (OPEC) and took to Twitter to express the same.
"The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members for very little $'s. This must be a two way street. REDUCE PRICING NOW!" Trump tweeted.
(Featured Image – APN Live)
