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Crude oil worth about $300,000 sold at Iran’s energy bourse

Oil&Gas Materials 6 April 2014 14:42 (UTC +04:00)

Baku, Azerbaijan, Apr.6
By Fatih Karimov - Trend: For the first time in Iran's 100-year oil history, 2920 barrels of crude oil were sold at the country's energy bourse today, the Fars news agency reported on April 6.

The transaction was valued at 8.93 billion rials (about $300,000).

A number of refineries operated by the private sector bought the crude oil consignment.

Iran's oil exports have stayed above levels allowed under Western sanctions for a fifth month, according to sources who track tanker movements, in a further sign that a deal to ease some restrictions is helping Tehran sell more crude, Reuters reported on March 26.

Under the Geneva nuclear deal, Iran's exports are supposed to be held at an average one million bpd for the six months to July 20. But shipments to Asia have topped that level at least since November, according to ship tracking data.

The U.S. administration believes that exports will fall in coming months and on average will fall to the one million bpd level stipulated by the interim agreement which went into effect on January 20.

Iran's crude exports have averaged 1.3 million barrels per day (bpd) in March, down from 1.4 million bpd in February, the report said. That is still an elevated rate, as exports of Iranian oil in 2013 averaged 1.1 million bpd.

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