The National Iranian Oil Company (NIOC) will offer one billion barrels of crude oil at this round of offering. The least amount of sales is 35,000 barrels like the previous rounds.
The purchased cargo will be delivered in Kharg Island, in the Persian Gulf, on April 25.
NIOC started oil offering at IRENEX due to the US’s withdrawal from Iran’s nuclear deal and re-imposition of sanctions against the Iranian oil sector.
The company commenced the initial offer at IRENEX on October 28, 2018, just a few days before the new round of US sanctions were placed.
MNA/4584861