Iran to put crude oil up for sale at IRENEX with new instruction

Oil&Gas Materials 18 May 2019 15:00 (UTC +04:00)

Baku, Azerbaijan, May 18

By Elnur Baghishov – Trend:

Iran will put 2 million barrels of crude oil up for sale at the Iranian energy exchange (IRENEX) on May 21, Amir Hossein Tebyanian, representative of National Iranian Oil Company (NIOC) at IRENEX, told IRIB, Trend reports.

According to Tebyanian, the initial price of each barrel of oil will be $67.28 per barrel.

He added that a number of changes have been made to the terms.

“The most significant change is the reduction of 1 batch of crude oil, consisting of a minimum of 35,000 barrels, by 1,000 barrels,” he said.

He further named the creation of more transparency in the prices for the customers, as well as the reduction of risks, among the other changes in the terms.

Tebyanian added that the remaining conditions are the same as they were before. As such, it is possible to make an initial payment of 6 percent in a foreign currency, and the destination of the purchased batch is up to the customer’s decision.

The National Iranian Oil Company has put heavy and light crude oil up for sale at the energy exchange several times, managing to have sold 1,015 million barrels of crude oil and 70,000 barrels of heavy oil at the energy exchange so far.