Iran begins selling oil on its energy exchange today
Iran will start work on the project to sell Iran's crude oil by 1 million barrels per day on its new energy market. The project will continue according to IRNA until November 4; the government will evaluate the project and decide whether to continue or stop it. .
The Iranian Energy Exchange announced on Saturday the names of the banks approved by the National Oil Company to issue bank credits according to the national currency, the banks of Pasarakad, trade, expansion of exports, and Sabha, exports, and Milt and Mali and the Bank of Parsian .
According to the drafters, the aim is to increase oil exports, and this project has been submitted for more than once during the past years without coming into force; before the adoption of the government in July to start on Sunday .
Iran's Assistant Oil Minister Ali Karder told the agency that foreign companies could participate in the purchase of Iranian crude shipments from the energy exchange .
The sale and export will begin on the Energy Exchange on Sunday, with one million barrels per day being offered on the energy exchange, and everyone will have the opportunity to buy this item once they pay 20% in Iranian currency and 80% in hard currency. It will also announce the price of the barrel in these deals .
US sanctions on the oil sector in Iran, OPEC's third largest producer, begin on November 4.
US President Donald Trump and his administration are trying to halt Iran's oil exports to force the country to renegotiate an agreement on its nuclear program .