2mn barrels of condensate to be offered at IRENEX on Monday

TEHRAN, Jun. 01 (MNA) – The National Iranian Oil Company (NIOC) is set to hold a new round of South Pars condensate offering at the international ring of Iran Energy Exchange (IRENEX) on Monday (June 3).

Two million barrels of condensate will be sold at this round at the base price of $67.14 per barrel.

In a bid to implement the policies of resistance economy, offerings of gas condensate and light crude oil at IRENEX are done weekly and on a regular basis.

Last Tuesday, a two-million-barrel cargo of heavy crude oil to domestic buyers was also offered at energy stock market.

One of the main strategies that Iran chose to execute to help its oil exports afloat has been trying new ways to diversify the mechanism of oil sales, one of which is offering oil at the country’s stock market.

Iranian Oil minister Bijan Zanganeh announced a week ago that in line with improving monetary transparency, instructions for offering oil at IRENEX have been prepared.

“Regarding that offering oil and condensates at IRENEX are included in this years’ regulations, explicit instructions for the issue have been prepared by the oil ministry,” Zanganeh said.

“The instructions describe issues such as exact price setting methods,” he added.

The minister expressed confidence that the provided instructions will allow the buyers an acceptable level of predictability and transparency via providing data about the prices, the sales and also the made purchases.

Since the US withdrew from Iran’s nuclear pact in May 2018, vowing to drive Iran's oil exports down to zero, the Islamic Republic has been taking various measures to counter the US actions and to keep its oil exports levels as high as possible.

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