Iran Stock Exchange sells oil at base price of $67.27

Tehran Stock Exchange offered to sell crude oil at the base price of $67.27 a barrel, Representative of Iran Energy Exchange Amir-Hossein Tebyanian said on Saturday.

IRNA – The offer will be according to the procedure defined and issued by the minister of petroleum, Tebyanian said, adding that two million barrels will be offered at the exchange market on May 21.
He said that the procedure has changed a bit, compared to the previous ones and that the most important change is that there is a minimal limit for land shipment (1,000 barrels) and a change in pricing with the purpose of clarity and reducing risk for purchasers.
In this phase, like the previous one, a deposit of 6% is necessary and the destination of the purchased oil is up to the buyer.
Supply of oil in the stock market is in the frameworks of the Resistance Economy, outlined by the Supreme Leader. The policy necessitates creating variety in methods of supplying oil to use the non-governmental capacities in exporting crude oil.

Publish Date: May 19, 2019