Iran Launches Energy Exchange Trading Codes to Enable Oil Foreign Purchases

Published October 28th, 2018 - 09:55 GMT
The head of the state-run National Iranian Oil Company (NIOC) said Fri. that foreign customers can now purchase Iranian crude oil via Energy Exchange by obtaining new ‘trading codes’. (Shutterstock)
The head of the state-run National Iranian Oil Company (NIOC) said Fri. that foreign customers can now purchase Iranian crude oil via Energy Exchange by obtaining new ‘trading codes’. (Shutterstock)

Ali Kardor, the chief executive officer of NIOC, added that 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.

The official stressed that the Ministry of Petroleum and 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 comes as part of a plan to facilitate Iran’s oil exports as US sanctions targeting its energy sector in November draw nearer.

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In a statement issued by NOIC in early October, the company announced 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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