Iran’s oil offering ends with no trading
Baku, Azerbaijan, Sept. 17
By Elnur Baghishov - Trend:
The National Iranian Oil Company (NIOC) has put up two million barrels of light crude oil for sale at Iran Energy Exchange (IRENEX); however, there was no demand for the oil during the trading session, Trend reports with reference to IRENEX report.
The initial price was planned at $56.78 per barrel.
Customers had to buy at least 1,000 barrels of light crude oil, according to the NIOC’s decision.
Under the Iranian budget law for the current Iranian year (started March 21, 2019), Iran's Petroleum Ministry should put two million barrels of light crude oil, two million barrels of heavy crude oil and two million barrels of gas condensate up for sale every month.
Iran has put heavy crude oil up for sale seven times since March 21, 2019, having so far managed to sell 70,000 barrels of crude oil at the energy exchange.
Customers can have the purchased oil be delivered to them in locations approved by NIOC within three months after the sale.
Iran started putting crude oil and gas condensates up for sale since October 28, 2018. About 1,085 million barrels have so far been sold at the exchange.