Iran to place 600,000 barrels of oil in exchange

Oil&Gas Materials 11 July 2011 12:21 (UTC +04:00)

Azerbaijan, Baku, July 11 /Trend/

Iran will put 600,000 barrels of heavy crude oil on Wednesday set at $115.18 per barrel into the international oil exchange at Kish Island , Fars News Agency reported quoting Managing Director of Commodity Exchange Ali Akbar Hashemiyan as saying.

"The National Iranian Oil Company is putting 600,000 barrels of heavy crude oil into the international oil bourse at Kish Island on Wednesday," he said. The company plans to target the oil cargo heads of the East, the Mediterranean and North West Europe.

The base price per barrel will be $115.18 plus $1 premium according to the oil price on July 8.

The oil cargo from the Behregan oil regionwill deliver loads at Khark Island on August 20 to 30.

Previously Iran's third attempt to sell furnace fuel oil cargo was successful at the international oil bourse at Kish Island.

Iran has OPEC's second-highest oil output, and ranks second in the world in terms of natural gas reserves after Russia.