TEHRAN- Crude oil will be offered at Iran Energy Exchange (IRENEX) since Saturday to thwart U.S. sanctions, Deputy Oil Minister Ali Kardor told IRNA on Monday.

The government is to offer oil in form of 5,000-barrel-cargos and the total of one million barrels, he said.

The offered oil at IRENEX will be exported, Kardor added.

The decision is made to let the Iranian private sector export crude oil in a bid to foil U.S. sanctions. Since Washington aims to cut Iran's oil sales, private Iranian companies can transparently buy and sell the crude through this market.

U.S. President Donald Trump has urged Saudi Arabia to increase its oil output amidst the U.S. upcoming sanctions against the Iranian energy sector.

“Anyone trying to take away Iran’s oil market (share) would be committing great treachery against Iran and will one day pay for it”, First Vice President Eshaq Jahangiri warned in an open reference to Saudi Arabia on July 1.

The U.S. wants to cut Iran’s oil export, but everyone, with even a limited knowledge of international affairs, knows that such thing is impossible, the official added at the time.

HJ/MA