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Iran to put up 6 million barrels of crude oil for sale

Business Materials 10 November 2019 13:46 (UTC +04:00)
Starting from next week, Iran will be putting up light and heavy crude oil and gas condensates for sale, 2 million barrels each per week, said Amir Hossein Tebyanian, a representative of the National Iranian Oil Company (NIOC) at the Iran Energy Exchange (IRENEX)
Iran to put up 6 million barrels of crude oil for sale

BAKU, Azerbaijan, Nov. 10

By Elnur Baghishov - Trend:

Starting from next week, Iran will be putting up light and heavy crude oil and gas condensates for sale, 2 million barrels each per week, said Amir Hossein Tebyanian, a representative of the National Iranian Oil Company (NIOC) at the Iran Energy Exchange (IRENEX), Trend reports citing Mehr news agency.

Tebyanian said that according to the law, the NIOC should put up for sale oil and gas condensates every month.

The NIOC representative added that the sale was stopped at the IRENEX in recent weeks. Due to the high number of non-working days, a number of changes have been introduced at the IRENEX, Tebyanian said.

Drawing attention to the problem of exporting Iranian oil by road transport, the NIOC representative noted that exporting Iranian oil by road transport is a new process.

“Agreements have been reached with Iranian customs and this problem has already been solved,” Tebyanian said.

As for lowering the starting price of oil at the IRENEX, most discounts are expected to be made regarding the starting price of oil exported in the direction of the Mediterranean Sea, the NIOC representative added.

As for the price of oil products, the value of the oil products exported by sea is higher than those exported by road, Tebyanian noted.

Under the Iranian budget law for the current Iranian year (began 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 started putting crude oil and gas condensates up for sale since October 28, 2018. About 1.1 million barrels have so far been sold at the exchange.

The US imposed sanctions on Iran in November 2018 and expanded the list of sanctions several times. The sanctions have seriously reduced Iran's oil exports.

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