The National Iranian Oil Company (NIOC) is set to offer its heavy crude oil on the Iran Energy Exchange (IRENEX) on April 30 in a fresh bid to attract new private and foreign buyers, local media reported on Tuesday, citing the state-run oil giant
MOSCOW (Pakistan Point News / Sputnik - 23rd April, 2019) The National Iranian Oil Company (NIOC) is set to offer its heavy crude oil on the Iran Energy Exchange (IRENEX) on April 30 in a fresh bid to attract new private and foreign buyers, local media reported on Tuesday, citing the state-run oil giant.
According to the Mehr News Agency, the oil at the first round will be traded at the base price of $63.51 per barrel, with the heavy crude offered in cargos of 35,000 barrels each.
The news comes a day after the White House announced that, starting from May 2, the United States would end six-month sanctions waivers that it granted to eight major importers of Iranian oil in November. As Washington started reinstating wide-ranging sanctions against Tehran in the wake of own withdrawal from the 2015 Iran nuclear deal and set the objective of cutting Iran's oil sales to zero, the Islamic republic launched oil trade of light crude and gas condensate on the energy exchange in October to find private buyers for its main export product.
The move, however, has not been very successful, the media outlet noted, adding that only 1.015 million barrels of oil had been sold as a result of the past eight rounds of offerings on IRENEX.
