Caspian Energy Journal Caspian European Club
Wednesday, 31 October 2018 15:00

Iran starts direct oil sales

Iran starts direct oil sales

Iran has started direct sales of oil to domestic and international buyers through its energy bourse in what appears to be a landmark strategy to dodge the impacts of returning sanctions. Buyers were able to purchase as much as 280,000 barrels of Iran’s light oil at an average price of $74.85 in the first day of trading, Caspian Energy News ( reports with reference to the official website of the National Iranian Oil Company.

They would have to pay 20 percent of the total value of their purchases in Iran’s national currency – the Rial. The remaining payments would need to be made in foreign currencies after loading.

The base price set by the Ministry of Petroleum stood at $79.15 per barrel.

Seyyed Ali Hosseini, the managing director of Iran’s Energy Bourse, said sales of oil would be carried out at least once a week.

The Iranian first vice president says Tehran is looking for solutions to continue selling its crude oil after the re-imposition of the US sanctions.

The administration of US President Donald Trump is preparing to launch the second wave of sanctions against Iran from November 4 in which a universal ban on the country’s oil exports appears to be a primary objective.

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Person in charge of the newsline: Olga Nagiyeva 

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