New crude offer on IRENEX stalls

Financial Tribune – A new round of crude oil offer on the Iran Energy Exchange ended Tuesday without any trade. The offer was the eighth of its kind and the first in the new fiscal that started on March 21.

According to the IRENEX website, as in the previous rounds, one million barrels of light crude oil was on offer by the National Iranian Oil Company at a base price of $63.36 per barrel.

As for pricing procedures, the NIOC notice says the base price of each barrel of oil will be declared by NIOC in USD and will be as per the average Brent quotations during 10 international business days before the date of offer announcement.