• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 4 hours Let's shut down dissent like The Conversation in Australia
  • 13 hours Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 6 hours Saudis Confirm a Cruise Missile from Iranian Origin
  • 24 mins Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 8 hours Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 6 hours Donald Trump Proposes Harnessing Liberal Tears To Provide Clean Energy
  • 7 mins One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 5 hours Saudis Buying Oil From Iraq
  • 1 hour Ethanol is the SAVIOR of the Oil Industry, Convenience Store Industry, Automotive Supply Chain Industry and Much More!
  • 12 hours Trump Accidentally Discusses Technology Used In The Border Wall
  • 23 hours Democrats and Gun Views
  • 22 hours China Faces Economic Collapse
Trump Clashes With California Over Fuel Regulations

Trump Clashes With California Over Fuel Regulations

The Trump administration is moving…

Is It Time To Go Long On Natural Gas?

Is It Time To Go Long On Natural Gas?

Buying natural gas futures in…

Iran To Offer Oil Future Contracts To Foreign Firms Despite Sanctions

Jahangiri

Iran will offer oil futures to interested foreign parties at pre-determined rates, the Tehran Times reported on Wednesday, citing Iranian VP Es’haq Jahangiri, despite US sanctions that have restricted oil exports in the OPEC-member country.

The United States told all Iranian crude oil buyers that they had to wrap up crude oil purchases by November 2018, but it later granted eight countries waivers to the sanctions. Still, Iran has been defiant regarding the sanctions, and has continued to ship crude oil to several countries including China.

The call to foreign buyers sent a clear message that Iran is not yet ready to sit idle while the US strives to bring iran’s oil exports to zero. “Any powerful country that wishes to work with Iran can pre-order Iran’s oil for the next two to three years,” Jahangiri said.

Iran has also tried its hand at selling its crude oil on the country’s stock exchange, the IRENEX.

“Offering oil and gas condensate in the international ring of IRENEX has become a legal obligation, and it will definitely be a lasting move,” Amir Hossein Tebyanian, representative for the National Iranian Oil Company told the Tehran Times earlier this week.

Iran has had limited success at finding buyers for its crude on this exchange, leaving Iran in a lurch coming off of its pre-sanctions $100+ billion in annual revenues from its crude oil sales.

Iran promised reliability to any foreign buyers of its crude, stating that it had maintained its oil production at 3 million to 4 million bpd despite the sanctions. According to OPEC’s most recent Monthly Oil Market Report, however, Iran’s average crude oil production in May was 2.37 million bpd according to secondary sources. Iran has not provided directly communicated oil production figures to OPEC since some time in 2018.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Aliakbar Mohammadi on July 16 2019 said:
    To Jim Miceli:

    What do you know about Iran? You think Iran is a tin can producer? Please search something first and then speak about it..... Sanctions maybe held some oil export of Iran, But trust me it's not a problem for us...... and about the price, WTI will see 65, even more..... remember when I'm telling you this.
  • Jim Miceli on July 11 2019 said:
    Iran is a tin can producer. (WTI) is upside and think it will see 63.--out to 65.-- Take Iran out of the picture once and for all.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play