Why no one buys oil on Irenex

Why no one buys oil on Irenex
ID : N-5042 Date : 2019/04/11 - 11:58

(Persia Digest) – The CEO of Irenex believes: “Risky deals on the oil exchange, issues related to export warranties, and transport all contributed to the fact that the eight oil offer on Irenex hadno buyers.”

Over the past week, one million barrels of oil was offered on Irenex for the eight time at the base price of USD 63.36 pb, but found no buyers.

Irenex CEO, Seyed Ali Hosseini, says: “Irenex and NIOC have provided suitable grounds for buyers; but there is room for improvement.”

He believes that part of these facilities must be provided by Irenex and NIOC, but another part is out of their hands.”


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Persia Digest (PD) reports that oil has been offered for sale on the stock exchange on a number of occasions without results. The first time was on 13 July 2011 when crude oil came up on the exchange monitors, to no avail. Crude oil was offered another nine times, but found buyers only once.

NIOC restarted the program on 6 April 2014, but reached a dead-end due to a lack of buyers.


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But, from November last year, it began work under its new format as Irenex. In the first instance, one million barrels of crude oil was offered and a total of 280 thousand barrels were sold.

In the second stage, all 700 thousand barrels of crude on offer was sold. But one million barrels offered in the third and fourth stages found no buyers. In the fifth stage last February only 35 thousand barrels exchanged hands. The sixth and seventh stages also remained without buyers as did the eight stage.

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