Iran’s crude oil restrictions affecting energy market

Oil&Gas Materials 30 October 2019 16:19 (UTC +04:00)

BAKU, Azerbaijan, Oct. 30

By Elnur Baghishov - Trend:

Iran’s crude oil restrictions affect the country’s Energy Exchange (IRENEX), said Amir Hossein Tebyanian, a representative of the National Iranian Oil Company (NIOC) at the IRENEX, Trend reports via Shana news agency.

Commenting on the lack of interest in selling oil at the IRENEX, Tebyanian said that there are a number of restrictions on Iran’s crude oil market.

The NIOC representative added that these restrictions impede the sale of crude oil.

“The NIOC is doing its best to win customer sympathy,” Tebyanian said.

To date, crude oil and gas condensate have been put up for sale at the IRENEX for 34 times, the NIOC representative noted, adding that so far, only 1 million barrels of light crude oil and 70,000 barrels of heavy crude oil have been sold at the IRENEX, while no gas condensate has been sold.

The US imposed sanctions on Iran in November 2018 and expanded the list of sanctions several times. The sanctions caused serious problems for Iran’s oil exports.