Over 9,600 barrels of crude oil sold at Iran Energy Exchange

TEHRAN – Over 9,600 barrels of crude oil have been sold at the Iran Energy Exchange since its establishment on April 6, 2014.

Crude oil consignments, worth a total of 30 billion rials (about $1.18 million), were sold on the exchange, IRIB reported on Saturday.
About 220,000 barrels of gas condensate, valued at 434 billion rials (about $17 million) have been also sold at the Energy Exchange since late November 2013.
The first crude oil transaction at Iran Energy Exchange took place on April 6.
Two private refiners bought 2,920 barrels of crude oil at 3.06 million rials (about $122) per barrel.
The National Iranian Oil Company, which is the exclusive seller of Iranian crude oil, offered the crude oil consignment on the exchange.
The proposal to trade oil at bourse was first raised in 2000. However, this happened in April.
Iran forecasts an increase in its crude oil and natural gas production in Iranian calendar year 1393, which begins on March 21.
In March, Oil Minister Bijan Namdar Zanganeh said Iran’s crude oil output is forecast to increase by about 200,000 barrels per day to 4 million barrels per day, and its daily natural gas output is forecast to increase by about 100 million cubic meters per day to 400 million cubic meters per day.
Iran is estimated to hold 33.7 trillion cubic meters of natural gas and 157 billion barrels of recoverable crude oil reserves.

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