Tehran, Iran, Jan.12
Trend:
The Managing Director of Iran Energy Exchange announced that the third stage oil offering via exchange depends on the decision of the oil ministry and possibility of full settlement with rial.
He noted that the extension of the period of settlement from 60 to 90 days is the main change in the new offering.
“The latest steps to offer the third Iranian oil crude via the Energy Exchange is taken and it`s possible for customers to fully settle their crude transactions with Iranian rial,” the managing director of Iran Energy Exchange (IRENEX) Ali Hosseini said, Trend reports citing Fars news agency.
Regarding the timing of future deliveries, he said that the timing depends on what the National Iranian Oil Company (NIOC) decides.
“Iran's crude oil supply at this stage will be equivalent to 3 million barrels, which will be carried out in increments of 35,000 barrels,” he said.
Managing director of IRENEX, referring the growth of issuance of domestic and foreign trading codes after the successful launch of crude oil via energy exchange, said that about 20 hydrocarbon products are currently being supplied via exchange.
On October 28, just few days before new US sanctions on Iran’s petroleum sector took effect (November 4), National Iranian Oil Company (NIOC) could sell some 280,000 barrels of crude oil at $74.85 per barrel on the first day of offering crude oil for export at the international ring of IRENEX. With the daily supply amount of one million barrels per day, the market wrapped up by selling eight 35,000-barrel-cargos of oil on the day.
And on November 11, NIOC sold 700,000 barrels of light crude oil at IRENEX at the price of $64.97 per barrel. The set price for this round of oil sales was $71.59 per barrel.