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NIOC to Continue Selling Oil on Energy Exchange

The National Iranian Oil Company (NIOC) intends to continue offering oil cargoes on the Iran Energy Exchange (IRENEX), a senior NIOC official said.

NIOC to Continue Selling Oil on Energy Exchange
(Saturday, December 1, 2018) 13:54
Saeid Khoshrou, director of international affairs at NIOC, said the company would continue selling oil at IRENEX given its successful experience in the market. In an attempt to sell oil to the Iranian private sector, the company started large scale offering of crude oil with a million barrels at IRENEX.

During the Sunday session of IRENEX, a total of 700,000 barrels of crude oil was traded at $64.97/b.

In the previous round of offers, NIOC sold 280,000 barrels at IRENEX on October 28.

He said NIOC was considering extension of the deadline for settlement of the purchases to 60 days.

“NIOC has eased the purchasing process in the energy exchange to ensure that no cargoes could be purchased more easily outside of the market,” the official added.
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