Iran ready to sell 100,000 barrels of crude oil per day on energy bourse
Baku, Azerbaijan, Feb. 24
By Fatih Karimov - Trend:
Iran is ready to sell 100,000 barrels of crude oil per day on its energy bourse, the country's oil minister Bijan Namdar Zanganeh said.
Zanganeh said that the ministry is also ready to sell oil products on the bourse in the next Iranian fiscal year, which starts on March 21, Iran's Shana news agency reported on Feb. 24.
The oil products include LPG, fuel oil, kerosene, and naphtha, he added.
Seyed Ali Hosseini, the managing director of Iran's energy bourse, said in May 2014 that some 12,000 barrels of crude oil have been sold at Iran's energy bourse to date.
"We are in negotiation with the oil ministry to lower the price in order to make transactions more attractive," he said at the time.
Earlier in April, Iranian media outlets quoted Hosseini as saying the Exchange has the potential to play a pivotal role in determining oil price in the region.
He explained that since Iran is an oil-rich country, the country's energy bourse has the potential to increase supplies from current 3,000 b/d to 10,000 b/d.
Iran aims to prepare the ground for the presence of foreign buyers of crude oil in the energy exchange and diversify the products supplied to buyers including gas condensates, Hosseini noted.
The proposal to trade oil at bourse was first raised in 2000.