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Secret Oil Shipments Could Help Iran Cushion U.S. Sanctions Blow
(Bloomberg) Ellen Milligan - Discounts, bartering and smuggling are among the tactics Iran may lean on to keep its oil exports flowing after U.S. sanctions resume in November. Iran's Oil Minister Bijan Namdar Zanganeh alluded to this toolbox, which was used in the past, when he said Iran will find "other ways" to keep its crude in the market. Iran's oil exports have already slumped to the lowest level since March 2016. Almost 200,000 barrels a day of the country's post-sanctions oil sales could be undisclosed, according to Robin Mills, chief executive officer of consultancy Qamar Energy in Dubai. "Barter trade and special funding mechanisms are among ways that could allow payments to Iran to continue within the framework of the sanctions," said Ehsan Khoman at the Mitsubishi UFJ Financial Group.