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Purchase Iran’s Crude via Energy Exchange

(FNA)- Managing Director of the National Iranian Oil Company (NIOC) Ali Kardor announced that foreign purchasers can now buy Iran’s oil via Energy Exchange after obtaining new trading codes.
“Over 100 trading codes have so far been received by foreign customers on the Energy Exchange, through which they can purchase crude and petroleum products,” Kardor said.

The NIOC chief reiterated that Iran’s Oil Ministry and the NIOC have geared up to offer the crude oil via the stock exchange in a bid to diversify oil sales and keep the country’s quota in the global oil market.

The move by Iran comes as part of a plan to facilitate Iran’s oil exports as US sanctions targeting its energy sector in November is getting nearer.

In a relevant development earlier in October, the NOIC in a statement announced that it had planned to supply a million barrels of crude oil on the domestic stock market by late October.

According to NIOC, the scheme bears multiple advantages, including provision of a healthy and transparent venue to utilize the potentials of the private sector in oil exports – a bid which has long been delayed.

Iran, OPEC’s third largest oil exporter, plays a significant role in the global market. Cutting off Iranian supplies is expected to pose new threats and more volatility to the global oil market.

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