Iran says it is now prepared to implement its plan to trade oil for necessary goods. The Mehr News Agency reports that the National Iranian Oil Company announced that bartering crude for food and other goods could complement the usual sale of oil for its monetary value in major currencies.

The report indicates that Iran has missed out on $4 billion in oil sales to various companies due to sanctions on its financial sector.

Mohammad Ghalebani, the head of the National Iranian Oil Company, said the Central Bank is now processing oil payments but it is not consulting with the oil company to coordinate those payments.

Ghalebani added that Iran currently has the capacity to produce four million barrels of crude per day.