2018-10-29
Iran on Sunday began selling its oil to private companies for the first time through the energy exchange as part of its efforts to counter the impending implementation of new US sanctions.
 
A total of 280,000 barrels of crude oil were sold on the Iranian bourse, out of a million barrels offered at $ 74.85 a barrel, and less than $ 4 a barrel from the initial asking price.
 
The identity of the buyers, reported by the Fars News Agency, was not disclosed as a conglomerate of private companies and made purchases through intermediaries.
 
The new sanctions on Iran's oil industry will come into force on Nov. 5, after US President Donald Trump's decision to withdraw from the nuclear deal with Iran in May.
 
The oil sale plan was floated to private companies on the stock exchange last July by First Vice President Ishaq Jahangiri to "defeat America's efforts ... to stop Iranian oil exports."
 
The government hopes the sale will be for private customers instead of foreign customers directly, making it difficult for the United States to monitor and stop sales.
 
"With the imminent return of a new wave of sanctions, the government is determined to activate the maneuvering capabilities of the private sector to sell Iranian oil and find new markets," said Hamid Reza Salihin, director of the Iranian Export Association.
 
Some estimate that Iran's crude oil exports have fallen by a third since May, when they were selling 2.5 million barrels a day.
 
The Iranian government plans to offer oil at the energy exchange once a week, Fars reported.
 
According to the bourse, the initial price was $ 79.16 a barrel on Sunday, but limited bids for bids were received at a lower price of around $ 16 since the start of trading.
 
Shaheb Mohammadi, head of the stock exchange and stock exchange, vowed Friday that the buyers' identity would remain confidential.