Iran intends to boost the volume of its oil swaps to 200,000 barrels per day by March 20, 2012.

Iranian officials say that by using newly devised mechanisms, the demand for trading oil through barter deals, rather than using cash, is climbing.

The barters involve swapping oil related products, such as crude oil for refined fuel.

Iran is the second largest oil exporter within the Organization of Petroleum Exporting Countries (OPEC).