1.085mn barrels of crude sold at IRENEX in 7 months: NIOC report

TEHRAN, Jun. 02 (MNA) – During the 17 rounds of offering held at Iran Energy Exchange (IRENEX) in seven months, as of November 2018, 1.085 million barrels of crude oil have been sold, according to a report of National Iranian Oil Company (NIOC).

During the said time, 1.015 million barrels of light crude were sold during 10 rounds of offering, while only 70,000 barrels of heavy crude were sold via two offering rounds.

As reported, NIOC could not sell any condensate during the five offering rounds held as of January 2019.

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.

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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