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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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    Iran's Oil Ministry announces sale of 700,000 barrels at Tehran Energy Exchange

    Rocky
    Rocky
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     Iran's Oil Ministry announces sale of 700,000 barrels at Tehran Energy Exchange Empty Iran's Oil Ministry announces sale of 700,000 barrels at Tehran Energy Exchange

    Post by Rocky Mon 12 Nov 2018, 2:48 am

     Iran's Oil Ministry announces sale of 700,000 barrels at Tehran Energy Exchange




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    Iran continues its efforts to break US sanctions on its economy by selling its crude oil on Tehran's energy exchange.
    According to a statement issued by the Iranian ministry, it sold 700 thousand barrels of oil offered at the Tehran Stock Exchange for energy, at $ 64 and 97 cents per barrel.
    Thus, the ministry reduced the price of its oil in a procedure not the first, after setting the price of a barrel before the entry into force of US sanctions, at $ 79 and 15 cents.
    The statement said that the Iranian oil sold in the stock exchange in three batches to three people (not identified), by 245 thousand barrels, and 210 thousand barrels, and 245 thousand barrels.
    It is noteworthy that the Iranian Oil Ministry offered for the first time its oil for sale on the Tehran Stock Exchange on October 28 last, a week before the entry into force of US sanctions on her country.
    The ministry put the price at 79 dollars and 15 cents per barrel of oil, but it was forced to sell 280,000 barrels out of the 1 million barrels it offered at the Tehran Stock Exchange at $ 75 and 85 cents on the same day it offered to the bourse because there were no customers to buy.
    The Ministry of Oil said in a statement at the time that customers did not provide prices up to the price set by the ministry, which is 79 dollars and 15 cents per barrel.
    And confirmed that the requests for the purchase of oil on the Energy Exchange, will not be less than 35 thousand barrels, and will not exceed 100 thousand barrels; provided 10 percent of the total amount of oil to be obtained before the submission of the request for purchase.
    The sale is made by paying 20 percent of the local currency price and 80 percent through foreign operations.
    Iran aims to boost the value of its oil inside the country and ensure a flow of liquidity.
    Iran, the third-largest producer of oil in the Organization of the Petroleum Exporting Countries (OPEC), 3.45 million barrels per day, with an average of 2.1 million barrels per day.
    On May 8, US President Donald Trump announced a withdrawal from a nuclear deal limiting Iran's nuclear program and decided to return economic sanctions to Iran.
    Trump also the reintroduction of economic sanctions on Tehran, companies and entities that deal with them.
    However, the European Union and other States refused to withdraw and announced their continued commitment to the Agreement.
    On November 5, US sanctions on oil deals with Tehran began after the United States withdrew from the nuclear deal.

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