NIOC to continue selling oil at IRENEX

November 12, 2018

TEHRAN- Selling crude oil at Iran Energy Exchange (IRENEX) will be continued, Saeed Khoshrou, director of international affairs at the National Iranian Oil Company (NIOC), announced.

The official mentioned offering of one billion barrels of crude oil at IRENEX as a successful trial procedure, Shana reported on Monday.

On October 28, just few days before new U.S. sanctions on Iran’s petroleum sector took effect (November 4), NIOC could sell some 280,000 barrels of crude oil at $74.85 per barrel on the first day of offering crude oil for export at the international ring of IRENEX. With the daily supply amount of one million barrels per day, the market wrapped up by selling eight 35,000-barel-cargos of oil on the day.

And on Sunday, NIOC sold 700,000 barrels of light crude oil at IRENEX at the price of $64.97 per barrel. The set price for this round of oil sales was $71.59 per barrel.

The energy market is basically exports-oriented and has the capacity to increase Iranian oil customers both domestically and internationally. Price setting relies on the base price determined by NIOC according to global prices. Receiving a trading code, foreign companies can purchase oil cargos from IRENEX. By now, over 100 trading codes have been received by foreign customers at IRENEX which could be used to purchase oil cargoes and oil products. The Securities and Exchange Organization (SEO) preserves the customers’ data from all across the world confidential.

MA/MA

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