Iran to put up oil for sale
Baku, Azerbaijan, Oct. 6
By Elnur Baghishov - Trend:
The National Iranian Oil Company (NIOC) will put up two million barrels of light crude oil for sale at Iran Energy Exchange (IRENEX) on Oct. 8, Trend reports referring to the NIOC.
The initial price will be $61.10 per barrel.
Iran has put light crude oil up for sale nine times since March 21, 2019 (16 times in total) at the energy exchange.
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.
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.