Demand for Iran's oil via Energy Exchange rising among foreigners
Tehran, Iran, Dec.24
The managing director of Iran's Energy Exchange said that some countries have sought information on oil purchases via Iran's stock exchange through their embassies, number of foreign companies have also directly contacted the exchange.
“The exact time of the next stage of supply of crude oil on the energy exchange has not yet been determined,” Seyyed Ali Hosseini said, Trend reports via IRNA.
“The Supreme Economic Coordination Council (with the presence of the heads of the three powers including president Hasan Rouhani, Parliament`s Speaker Ali Larijani and Head of Judiciary Sadegh Amoli Larijani) has agreed to continue supplying oil via the energy exchange. Accordingly, the new supply phase will be carried out after the preparation by the Ministry of Oil,” he said.
He went on to say that several requests have been made by customers for the settlement of all purchase money in rial.
“In recent weeks, many requests for the purchase of oil via the Energy Exchange have shown that the attractiveness of oil supply is high, so there is no limit to the amount supplied by the National Oil Company,” said Hosseini.
“The only issue that needs to be addressed is the instability in the global oil market and its downward trend,” he said.
Hosseini expressed hope that the National Oil Company will act as soon as possible to submit its plan for the resale of oil on the energy exchange, based on the approval of the Economic Coordinating Council.
One million barrels of crude were supplied at the first stage of oil sales (October 28th), but eight shipments of 35,000 barrels (equivalent to 280,000 barrels) were sold at $ 74.85 per barrel.
In the second stage of crude oil sales in the Energy Exchange (November 11th), 700,000 barrels of crude were traded at $ 64.97.
So far, the practice of selling oil on the stock exchange is 20 percent rials and 80 percent foreign currency, but according to the requests and suggestions it is to be made 100 percent rial.