Iran to put oil up for sale next week

Oil&Gas Materials 15 May 2019 13:30 (UTC +04:00)

Baku, Azerbaijan, May 15

By Elnur Baghishov – Trend:

Iran will put oil and gas condensates up for sale at the Iranian energy exchange (IRENEX) next week, Amir Hossein Tebyanian, representative of National Iranian Oil Company (NIOC) at the Iranian energy exchange (IRENEX), told ISNA, Trend reports.

Tebyanian stated that, in the last few weeks, the Iranian Oil Ministry has worked on preparing a guideline on the sale of oil at IRENEX, which was then announced by the minister.

He added that the Oil Ministry has been ordered to put up at least 6 million barrels of oil for sale per month.

Commenting on the volume of the sales of heavy and light oil and gas condensates, Tebyanian said that at least 2 million barrels of light oil, 2 million barrels of heavy oil and 2 million barrels of gas condensate should be put up for sale monthly.

Touching on whether or not oil is sold at the energy exchange, he noted that, based on the experience of the past few months, efforts have been made to make a number of changes in the current year's guideline, taking into account recommendations and suggestions of the customers.

"The changes in the guideline will create better conditions compared to the previous Iranian year (started on March 21, 2018). Sales at the energy exchange are expected to improve," he said.

On April 30, Iran put 1 million barrels of crude oil up for sale at the Iranian energy exchange and managed to sell 70,000 barrels thereof.