Oil min. says private clients of Iran crude had no problems exporting it

According to government news agency ICANA, oil minister Zangeneh said “those who have bought Iranian crude on the exchange market were able to export it without any problem.”

He added that buyers could choose whether to pay for the crude with Iranian rials or foreing currencies.

Meanwhile, managing director of Iran’s Energy Exchange said Sun. that a number of foreign companies have already obtained a special trading code to buy Iranian crude via the exchange market.

Hosseini noted the many applications for purchasing Iranian crude in recent weeks, saying there is no limit to oil supply by the National Iranian Oil Company.

He added that there are more than enough clients for Iran’s oil; however, the matter of concern is the instability of global oil markets and their downtrend.

Iran launched the sale of oil supply futures on the eve of the new US sanctions targeting the country’s oil and banking sectors, and managed to sell 280 thousand barrels of crude on the first day. In these transactions, the price per barrel was $74.85, 20% of which were paid with Iranian rials and the rest with foreign currencies.

In the second phase, the country sold 700 thousand barrels of crude, with price per barrel at $64.97.

So far, the system of sales in the stock market was based on 20% paid with Iranian rials, and 80% with foreign currencies. Recent requests and proposals indicate that the sales will be paid 100% with Iranian rails from now on.