Iran fails to sell 6th heavy crude oil cargo at oil exchange
Azerbaijan, Baku, Sept. 7/ Trend /
Iran placed the sixth heavy crude oil cargo worth $109.12 per barrel at the international oil exchange at Kish Island on Wednesday. It was not sold due to the lack of customer demand, Fars News Agency reported.
The National Iranian Oil Company placed 500,000 barrels of heavy crude oil from the Behregan oil field. However, they were not sold.
Iran managed to sell 500,000 barrels of heavy crude oil last Wednesday at the international oil exchange at Kish Island.
Iran possesses the world's second largest reserves of gas and third in oil reserves is currently faces US sanctions over its nuclear program.
The U.S. Congress approved financial sanction against Iran in 2010, which imposes strict conditions for foreign investors and financial firms and prevents them to invest more than $20 million in Iran oil and gas industries.