IRENEX to hold 13th round of light crude oil talks on Tuesday

TEHRAN – The National Oil Company (NIOC) will offer Tuesday two million barrels of light crude oil on the Iranian Energy Exchange (IRENEX), IRNA reported.

The base price of this offer, which is the thirteenth series since the beginning of the supply of light oil at IRENEX, and the sixth series of the current Iranian civil year (started on March 21, 2019), is $ 61.42 per barrel.

Buyers can receive their cargo up to three months after the transaction. Cargo delivery to other areas is subject to NIOC approval.

Since the United States withdrew from the Iran nuclear pact in May 2018, promising to reduce its oil exports to zero, the Islamic Republic has taken various measures to counter US stocks and maintain its oil exports at such high levels as possible.

One of the main strategies that Iran has chosen to help its oil exports afloat has been to try new ways to diversify the mechanism of selling oil, one of which is to offer oil on the market. stock market of the country.

NIOC first offered light crude oil to IRENEX on October 28, 2018, just days before the new US sanctions against the Iranian oil sector came into effect (Nov. 4). In the first round, NIOC could sell some 280,000 barrels of crude oil at $ 74.85 per barrel. With the daily supply of one million barrels, the market has sold eight oil shipments of 35,000 barrels.

The supply of gas condensate at IRENEX came after the success of the supply of crude oil in this market. The first offer was made on February 13, which failed to attract customers.

And then the turn came to heavy crude. The supply of heavy crude at IRENEX came after NIOC offered light crude on this stock exchange in eight rounds.

The Iranian National Oil Company sold 70,000 barrels of heavy crude oil to IRENEX for the first time on April 30. In the first round, one million barrels of heavy crude oil was offered at a base price of $ 60.68.

NIOC's IRENEX representative said the company would continue to offer oil to IRENEX, the Mehr news agency reported.

"Offering oil and gas condensates in IRENEX 's international ring has become a legal requirement, and it will definitely be a lasting gesture," said Amir Hossein Tebyanian at the press conference. a press conference organized in early July by the Mehr news agency. .

Informing the press of the procedures and processes of NIOC's oil and gas capacitor offerings at IRENEX, the manager said that oil sales at IRENEX are only the first step and that the main objective is to 39; activate other financial instruments and offer Iranian crude oil in the country. regional stock markets.

"We will continue to offer oil to IRENEX in order to institutionalize the necessary procedures, which are a prerequisite for improving IRENEX at the level of world-clbad stock exchanges."

According to the official, IRENEX was originally founded with the aim of allowing the Iranian private sector to export crude oil, as Washington seeks to reduce Iranian oil sales.
However, now foreign buyers have also expressed their willingness to engage in IRENEX's oil offerings and, while welcoming the idea, NIOC is laying the groundwork necessary to do so.

MUM