Sputnik – Foreign customers will be able to trade Iranian crude oil at the Iranian energy bourse amid the looming US sanctions targeting the Middle Eastern country’s energy sector, local media reported, citing Iranian Deputy Petroleum Minister Ali Kardor.
Foreign buyers will be able to purchase Iranian crude at the international exchange after receiving special trade codes, the IRNA news agency reported on Friday, citing Kardor, who is also the CEO of the National Iranian Oil Company (NIOC).
The official added that over 100 trading codes have already been issued for foreign customers.
According to media reports, citing the Iranian Securities Exchange Organization (SEO), the Middle Eastern country’s crude is scheduled to be presented for the first time at the energy exchange on Sunday at a base price of $79.15 per barrel.
Washington reimposed sanctions on Tehran after the US withdrawal from the Iran nuclear deal in May, a move strongly condemned by Tehran.
The first round of sanctions was introduced in August. Even tougher restrictions, mainly targeting the Iranian oil industry, are expected to be slapped in November as Washington is seeking to squeeze Tehran out of the global energy market.