Baku, Azerbaijan, April 13
By Elnur Baghishov – Trend:
The process of putting oil up for sale at IRENEX, Iran's energy exchange, will continue, Amir Hossein Tebyanian, representative of National Iranian Oil Company (NIOC) at the energy exchange, told ISNA, Trend reports.
According to Tebyanian, the “process of a lack of sale of oil” at the energy exchange is not caused by any technical shortcomings – neither on the oil company’s end, nor on the exchange’s.
"The reality is that currently the volume of oil sales and purchases is low. This issue also affects the stock market," he said.
Tebyanian added that the energy exchange is also faced with having to make decisions and deal with economic processes.
The NIOC representative went on to say that putting crude oil up for sale at the energy exchange is a new process – but, overall, putting the oil up for sale at the energy exchange for a long time can eventually help with its sales.
"This year (started March 21, 2019), according to the budget law, the Iranian Oil Ministry should put 6 million barrels of light and heavy oil and gas condensate for sale per month at the energy exchange," he said.
According to Tebyanian, last year (started March 21, 2018) the Iranian Oil Ministry implemented expert opinion on the simplification of the sale of crude oil at the energy exchange, and the Oil Ministry will change the volume of sales in accordance with the demand.
Iran has put oil up for sale at the energy exchange 8 times since October 28, 2018. Only 1,035,000 of the 7 million barrels put up for sale have been sold. 1 million barrels of oil were also put up for sale as recently as April 9, but without any buyers.