The National Iranian Oil Company (NIOC) announced on Sunday that it is due to offer 2 million barrels of crude oil in the international ring of the Iran Energy Exchange (IRENEX) on Tuesday, in a move to bypass Washington’s unilateral sanctions against Tehran.
The NIOC announced today that the oil to be offered on Tuesday is to be sold at a bid price of $59.28. The buyers will receive the oil in three months.
This is the 12th time Iran is selling oil through the stock market.
Iranian Deputy Oil Minister Amir Hossein Zamaninia declared in May that Tehran was fully prepared to sell oil in a “grey market”, vowing to circumvent the US unilateral sanctions against the energy-rich country.
Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Mohammed Barkindo said in May that it was impossible to remove Iran’s oil from the international market, asserting that the organization would keep supporting Tehran against the US unilateral sanctions.
Oil prices rose more than 2% on Monday on concerns that Iran’s seizure of a British tanker last week may lead to supply disruptions in the energy-rich Persian Gulf.
Head of Iranian Gas Engineering and Development Company (IGEDC) said the company plans to build 800 kilometers of pipelines for gas transmission by the end of the current Iranian calendar year (March 20, 2020).
Iranian Oil Minister Bijan Namdar Zanganeh said no country can replace Iranian oil in the global market, Mehr news agency reported on Sunday.
National Iranian Oil Company (NIOC) will offer two million barrels of light crude oil at Iran Energy Exchange (IRENEX) on Tuesday, IRNA reported.
The regulatory body of the government has been recently preparing the draft for a bartering system which is set to settle the government dues to the private power plant owners and electricity contractors.
Head of National Iranian Oil Refining and Distribution Company (NIORDC) said Iran’s crude oil and gas condensate refining capacity has increased by 38.8 percent since 2017.