Exchange & Stocks
The third stage of a plan to sell Iranian oil through the stock exchange will kick off this week, the oil minister said.
Bijan Namdar Zanganeh said the high economic council of heads of the three branches of power has given permission for the third stage of oil sale through the stock exchange.
During the second stage in November 2018, three buyers placed their bids when the 700,000 barrels of crude were offered for sale in the international ring of the Iran Energy Exchange (IRENEX). They were sold at a price of $64.97 a barrel, in three deals.
During the first stage, Iran had sold 280,000 barrels of crude in the stock exchange in October.
In July 2018, Iranian Vice President Eshaq Jahangiri said Iran would sell oil through stock exchange to counter the US sanctions on the country’s oil exports.
The US had announced plans to drive Iran’s oil exports down to zero, but backed off from its policy and granted waivers to at least 8 countries that import Iranian oil.
Iran traded 903,607 tons of non-oil commodities worth $568.38 million with the UAE during the first Iranian month (March 21-April 20), registering a 32.7% and 34.15% decline in tonnage and value respectively compared with the year before, latest data released by the Islamic Republic of Iran Customs Administration show.
Russia is willing to step in to help Iran export its oil while the country is struggling to keep the oil flowing due to the new US sanctions.
Crude and condensate in long-term floating storage hit its highest since August 2017 in May at 24 million barrels, as US sanctions against Venezuela and Iran hindered the ability of the OPEC members to export, data from analytics firm Vortexa showed.
As the mining sector strives to secure safety improvements, productivity gains and other benefits offered by a fully autonomous mine, a new report, Accessing the Fast and Furious Pace of Autonomy to Transform Mining by Clareo and Twin argues the closed and proprietary systems of the major original equipment manufacturers (OEMs) are a barrier.
Shares in Ecuador-focused SolGold (LON, TSX:SOLG) jumped on Friday, after it announced that the country’s Constitutional Court had rejected calls for a referendum on mining in Imbabura, the province in which the company’s flagship Cascabel copper-gold project is located.
Adani Group has kicked off construction at its controversial Carmichael coal and rail project in Australia’s Galilee Basin after receiving last week approval from the Queensland government to break ground.