Iran fails to sell eighth heavy crude oil cargo

Oil&Gas Materials 22 September 2011 15:20

Azerbaijan, Baku, Sept. 22/Trend A. Qurbanova/

Iran priced the eighth heavy crude oil cargo at a price of $113.92 per barrel at the international oil exchange at Kish Island on Wednesday. However it remained unsold due to lack of customer demand, Iranian Tabnak reported.

The National Iranian Oil Company offered 500,000 barrels of heavy crude oil. However, they were not sold.

Iran failed to sell the seventh heavy oil cargo last Wednesday due to poor customer demands. However, it managed to sell 500,000 barrels of the fifth heavy crude oil at the international oil exchange at Kish Island in late May.

Iran possesses the world's second largest gas reserves and third largest oil reserves. The U.S imposed sanctions on Iran over its nuclear program.

The U.S. Congress has approved financial sanctions against Iran in 2010. Strict conditions were put in place for foreign investors and financial firms. Congress prevents them from investing more than $20 million in Iranian oil and gas industries.