MNA – National Iranian Oil Company (NIOC) commences the 6th round of offering light crude oil at Iran Energy Exchange (IRENEX) on Monday.
One million barrels of crude oil are to be sold at the set price of $59.63 per barrel and the least amount of sale is set at 35,000 barrels, the same as previous rounds of offering.
As reported, customers can pay six percent of the total price of their purchased cargo in advance, while the full payment must be paid off maximally within 90 days as of the shipment date.
The payments can be done up to 100 percent in rial.
NIOC started oil offering at IRENEX due to the US’s withdrawal from Iran’s nuclear deal and re-imposition of sanctions against Iranian oil sector.
The company offered crude oil at IRENEX initially on October 28, 2018, just a few days before the new round of US sanctions were placed.
On the first round of offering, NIOC could sell some 280,000 barrels of crude oil at $74.85 per barrel, with the daily supply amount of one million barrels per day.
IRENEX is considered as a turning point in Iran’s strategic oil industry and capital market which lets producers and consumers be in touch by paying lower trade costs in a transparent business environment.