In April, Iranian President Mahmoud Ahmadinejad, had suggested strengthening the OPEC fund to decrease the pressure of rising oil prices on poorer countries while ensuring that rich nations paid the full price.
Iran's oil ministry is now studying the presidential proposal to sell cheap crude to poor countries. However, the proposal would take some time to come through as parliamentary approval is required for any cuts in the crude export prices.
80 percent of Iran's export earnings are from energy exports.
Venezuelan President Hugo Chavez has been notching up cheap oil export deals around poor countries in the Caribbean and Central America in a bid to counter US influence through cut-rate energy exports.
Ahmadinejad has formed a strong alliance with Hugo Chavez who strongly opposes the US Free Trade Area.
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