Iran to Offer 1 Million Oil Barrels on Domestic Stock Market

Published October 14th, 2018 - 02:14 GMT
The move comes in line with the policies to diversify oil sales as part of a plan to facilitate oil exports as US sanctions targeting its energy sector in November draw nearer.  (Shutterstock)
The move comes in line with the policies to diversify oil sales as part of a plan to facilitate oil exports as US sanctions targeting its energy sector in November draw nearer. (Shutterstock)

The National Iranian Oil Company (NIOC) has planned to supply a million barrels of crude oil on the domestic stock market by the end of the current Iranian month (October 22), Oil Ministry’s news portal, Shana.

The move comes in line with the policies to diversify oil sales as part of a plan to facilitate oil exports as US sanctions targeting its energy sector in November draw nearer. 

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The statement issued by NIOC reads that "pursuing the clause 13 of the general policies of the Economy of Resilience, instructed by the Supreme Leader [of Islamic Revolution Ayatollah Khamenei], on diversification of the methods of oil sale and private sector participation, as well as implementation of paragraph (H) of Article 4 of the law of the five-year Sixth Development Plan of the country, NIOC is planning to supply one million barrels of crude oil at the export trading floor of the Energy Stock Market of Iran by October 22, and the announcement of the sale will be released through the Energy Stock Market’s website next week.”

 


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