Iran starts selling oil through its Energy Bourse

Iran has started direct sales of oil to domestic and international buyers through its energy bourse in what appears to be a landmark strategy to dodge the impacts of returning sanctions.

Buyers were able to purchase as much as 280,000 barrels of Iran’s light oil at an average price of $74.85 in the first day of trading, according to a report by Iran’s state news agency IRNA.

They would have to pay 20 percent of the total value of their purchases in Iran’s national currency – the Rial. The remaining payments would need to be made in foreign currencies after loading.

The base price set by the Ministry of Petroleum stood at $79.15 per barrel, other reports added.

Seyyed Ali Hosseini, the managing director of Iran’s Energy Bourse, said sales of oil would be carried out at least once a week.

SS