700K Oil Barrels Sold on Stock Exchange in Iran

Three buyers placed their bids when the 700,000 barrels of crude were offered for sale in the international ring of the Iran Energy Exchange (IRENEX).

They were sold at a price of $64.97 a barrel, in three deals.

During the first stage, Iran had sold 280,000 barrels of crude in the stock exchange on October 28.

In July, Iranian Vice President Eshaq Jahangiri said Iran would sell oil through stock exchange to counter the US sanctions on the country’s oil exports.

The US had announced plans to drive Iran’s oil exports down to zero, but backed off from its policy and granted waivers to at least 8 countries that import Iranian oil.