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Iran to export oil to North Korea

in Afghan Business

Iran to export oil to North Korea

Iran-North koreaIran is considering signing an oil deal with North Korea on the export of oil in an attempt to revive its economy shattered by the tough sanctions from the West

A delegation from North Korea’s oil ministry is currently visiting Iran to mull over the proposed plan.

The deal would bring together the two nations and would be a blow to the US and other Western nations.

Iran’s oil sector is the building block of the nation’s economy. Sanctions from the United States and the European Union in response to Iran’s nuclear program have cut off Iran’s oil exports from several countries, leaving Iran with a battered economy marked with a high inflation.

Iran and North Korea last year in September signed a scientific and technological cooperation agreement, bringing the two nations deeply at odds with the US closer together.

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