Exclusive-Under U.S. sanctions, Iran and Venezuela strike oil export deal – sources

Published by
Reuters

By Deisy Buitrago, Marianna Parraga and Matt Spetalnick CARACAS/HOUSTON/WASHINGTON (Reuters) – Venezuela has agreed to a key contract to swap its heavy oil for Iranian condensate that it can use to improve the quality of its tar-like crude, with the first cargoes due this week, five people close to the deal said. As the South American country seeks to boost its flagging oil exports in the face of U.S. sanctions, according to the sources, the deal between state-run firms Petroleos de Venezuela (PDVSA) and National Iranian Oil Company (NIOC) deepens the cooperation between two of Washington’s fo…

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