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IRENEX to offer light crude at $67.32 on Tuesday

The National Iranian Oil Company will offer two million barrels of light crude oil at the international ring of the energy exchange (IRENEX) on Tuesday (June 11) at the base price of $67.32 per barrel.

IRENEX to offer light crude at $67.32 on Tuesday
(Thursday, October 10, 2019) 17:27

According to Amirhossein Tebianian, NIOC’s representative at IRENEX, the base price for Monday’s offer is $67.14 per barrel, which is 5% lower compared to the $70.76 reference price.

The cargo will be offered under the new instructions issued by the Oil Ministry for selling oil and petroleum products in the international ring of IRENEX. 

The minimum purchase order has been reduced from the previous 35,000 barrels to 1,000 barrels for land delivery.

However, the minimum purchase for sea delivery is unchanged.   

Buyers can receive the cargo either at Kharg Island terminal in the Persian Gulf for sea delivery or at petroleum storage tanks in Bandar Abbas if they want land delivery.

As per the current fiscal budget, the Oil Ministry is obliged to offer 2 million barrels of light crude, 2 million barrels of heavy crude oil plus two million barrels of natural gas condensates on IRENEX on a monthly basis.

Offering crude oil and petroleum products on the energy market is part of the government efforts to involve the private sector and international companies in the oil industry, which has long been under government control.

The NIOC has so far sold over 1.1 million light and heavy crude in 10 sessions since the program started last October.

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