6m barrels of oil, condensate to be offered at IRENEX this week

February 16, 2020 - 14:51

TEHRAN - National Iranian Oil Company (NIOC) is going to offer a total of six million barrels of oil and gas condensate at the international ring of the country’s energy exchange (IRENEX) during the current week, Mehr News Agency reported on Sunday, quoting an NIOC official.

According to Amir-Hossein Tebyanian, NIOC’s representative at IRENEX, the offerings are scheduled to be made on three consecutive days, namely Monday, Tuesday and Wednesday, and every day two million barrels of oil or gas condensate would be offered.

“So far, we have sold 1.1 million barrels of crude oil through IRENEX’s international ring, all of which have been sold during the first half of the current [Iranian calendar] year (March 21-September 22, 2019), and so far no condensate shipments have been sold,” Tebyanian said.

The offerings at IRENEX have been made based on the guidelines provided by the Oil Ministry in late November, however, the regulations could be revised again.
“We made some changes in the pricing and supply processes back in [the Iranian calendar month of Aban (October 23-November 21, 2019)] and, we could make new adjustments if necessary,” he said.

NIOC recently halted the crude oil and gas condensate offerings at IRENEX, resulting in some rumors saying that the offerings are to be stopped permanently, however, NIOC has repeatedly rejected the rumors, announcing that oil offerings will definitely continue.

Offering crude oil and gas condensate at IRENEX is to materialize the objectives of “Resistance Economy” for diversifying methods of selling these products and benefitting from the capabilities of the private sector for exporting them.

National Iranian Oil Company offered light crude oil at IRENEX first on October 28, 2018, just a few days before new U.S. sanctions on Iran’s petroleum sector took effect (November 4).

Offering gas condensate at IRENEX came after the successful offering of crude oil at this market. And then the turn came to heavy crude. Offering heavy crude at IRENEX came after NIOC offered light crude at this stock market in eight rounds. 

EF/MA

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