35,000 Barrels of Crude Oil Sold on IRENEX

EghtesadOnline: The fifth round of crude oil offer on Iran Energy Exchange ended Monday with only one cargo (350,000 barrels) out of the one million offer sold on the stock market.

News ID: ۷۴۶۷۳۱

19 February 2019

The cargo was sold at $52.25 per barrel, cheaper than the $56.81 mentioned in the original notice by the National Iranian Oil Company.

According to the IRENEX website, one million barrels of light crude was on sale in cargoes of 35,000 barrels each. Those interested were required to buy at least one cargo.

In one notice published last week, the NIOC set the base price at $56.81 per barrel, saying that the selling conditions for this stage would be the same as in the fourth offer, Financial Tribune reported.

The announcement came amid hope that purchasing conditions would be eased this time around as the third and fourth rounds ended without customers.

Similar to the third and fourth rounds, buyers were allowed to settle the payments entirely in rials or foreign currency – something lacking in the first and second rounds that required buyers to pay 20% in rials and the rest in foreign currencies.

The Majlis on Sunday approved an amendment to the March 2019-20 budget bill obliging the Oil Ministry to offer on a monthly basis 2 million barrels of light crude oil on the Iran Energy Exchange.