6th Oil Offer on Iran Energy Exchange Next Week

EghtesadOnline: The next round of crude oil offer on Iran Energy Exchange (IRENEX) will be made by the National Iranian Oil Company on March 4. Offer conditions are the same as the previous round with regard to volume and purchasing terms.

News ID: ۷۴۶۷۹۵

27 February 2019

According to a notice published on the NIOC website, 1 million barrels of light crude oil will be on offer in cargos of 35,000 barrels each. Those interested are required to buy a minimum of one cargo at $59.63 per barrel. Payment can be made in rials or foreign currency or both.

The exchange rate for payments will be based on those reported by the SANA website (a system operating under the supervision of central bank that records average exchange rates from across the exchange bureaux).

As per the notice, buyers should pay 6% of the order value in rials two hours before the beginning of trading time. The seller allows the cargos to be shipped to all countries except Occupied Palestine (Israel), according to Financial Tribune.

The fifth round of crude oil offer ended with only one cargo (35,000 barrels) sold out of the one million barrels offered. The cargo sold at $52.25 per barrel, cheaper than the $56.81 mentioned in the original notice by the NIOC.

While debating the new budget bill ( March 2019-20) last week, MPs approved an amendment to the bill obliging the Oil Ministry to offer on a monthly basis 2 million barrels of light crude on the Iran Energy Exchange.