Iran sells 3 mbpd oil on IRENEX

Iran sells 3 mbpd oil on IRENEX
ID : N-3827 Date : 2018/12/26 - 11:57

(Persia Digest) – Iran’s Minister of Petroleum has stated that the third stage of IRENEX oil sales may take place next week, adding: “Required permits have been received from the heads of the three branches of government for oil sales of 3 mbpd on IRENEX. Transactions will take place entirely in rials.”

Bijan Namdar Zangeneh added: “All interested buyers can deal both in foreign currency and in rials as they prefer.”

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He reiterated: “Buyers on IRENEX were able to export their oil in the first two stages without difficulty.”

Persia Digest (PD) reported that 1 mbpd crude oil was on offer in the first stage of transactions (28 Oct 2018), but only eight consignments of 35 thousand barrels (280 thousand barrels) were sold at USD 74.85.

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In the second stage on 11 November, 700 barrels of crude was sold at USD 64.97.

In both stages, IRENEX sold oil 20 percent in rials and 80 percent in foreign currency.

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