Iran and Venezuela have struck a deal to swap heavy Venezuelan crude for Iranian condensate, Reuters has reported , citing unnamed sources familiar with the deal. According to these sources, the swaps are set to begin this week and last for six months, although they could be extended. The imports of Iranian superlight crude will help Venezuela revive its falling oil exports amid U.S. sanctions that, among other problems, have cut off the country’s access to the light oil that is used to blend with its superheavy to make it exportable. For Iran, the deal will bring in heavy crude it could sell in Asia, the Reuters sources also said. The diluted Venezuela crude will also likely go to Asian buyers. Reuters also reported that, according to the U.S. Treasury Department, the deal could constitute a breach of sanctions, to which both Venezuela and Iran are subjects. “Transactions with […]