NIOC to Sell 2 mb of Oil at Energy Exchange on May 28

The National Iranian Oil Company (NIOC) has planned to offer 2 million barrels of heavy crude oil on the Iran Energy Exchange (IRENEX) on May 28.

The base price for this offer is $64.29 per barrel, and the minimum purchase volume is 35,000 barrels.

Buyers can receive their cargo(es) up to three months after the transaction, and the delivery of the cargo(es) in other areas is subject to approval by the National Iranian Oil Company.

This is the second heavy crude oil offering of NIOC on the Iran Energy Exchange and the first heavy supply of crude oil in the current calendar year which began on March 21. On the first offering of this year, 70,000 barrels of heavy crude were traded.

On May 21, NIOC offered 2 million barrels of crude oil on IRENEX.