Iran fails to sell 7th heavy crude oil cargo at oil exchange

Oil&Gas Materials 14 September 2011 16:59

Azerbaijan, Baku, Sept. 14 /Trend/

The seventh heavy crude oil cargo worth $110.35 per barrel could not sold at the international oil exchange at Kish Island Wednesday due to lack of customers demand, Mehr News Agency reported.

The National Iranian Oil Company placed this batch of 500,000 barrels of heavy crude oil for sale.

Iran failed to sell the sixth heavy oil cargo last Wednesday due absence of demand. However, the country managed to sell 500,000 barrels of the fifth heavy crude oil at the international oil exchange at Kish Island.

The National Iranian Oil Company disagreed with customer's discount demand on the previous sales. Therefore, it remained unsold since there was no customer demand on Wednesday.

Iran is in the second place in the world on the largest gas reserves and third place on the oil reserves. The country faced the U.S. sanctions over its nuclear program.

The U.S. Congress approved financial sanctions against Iran in 2010. The sanctions impose strict conditions on foreign investors and financial firms and prevents them to invest more than $20 million in Iran's oil and gas industries.