The Oil Ministry News website of Iran, SHANA, reported this Sunday that the country has sold about 7, 00, 000 barrels of crude oil for exporting purposes to private companies.
These second round of sales were aimed at acting in opposition to the sanctions imposed on the exports of the country by the United States.
SHANA further reported that Iran’s energy bourse traded two crude shipments which contained 2,45,000 barrels each and another shipment of 210,000 barrels.
These shipments have been made to three unnamed companies which have paid $64.97 for each barrel.
In late October, Iran initiated the selling of the crude oil for export purposes to private companies. This was just ahead of the sanction imposed the United States. The exports included the oil on which the sanction was imposed which had come into effect on the 5th of November.
In Iran, trading of crude oil is controlled by the state. The private refining companies earlier could purchase crude oil only for the exports of the products of oil.
In July, Iran had stated that it will initiate selling of oil to private firms in an effort to continue with the exporting of oil.
It had also said that it would take other effective measures in order to counter the sanctions imposed by the United States after it had asked its allies that they too should cut off import of oil from Iran from November.
Iran has been actively working upon trying to find ways to oppose the sanctions by the administration of the United States, and this is supposedly its step number one in the counter to the sanctions.
The oil market is undergoing a turmoil due to the on-going conflict between Iran and the United States on the import and export of oil and the prices of the oil is likely to suffer because of it.
Source: Reuters, WallStreetPorter
