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Iran To Offer Oil Future Contracts To Foreign Firms Despite Sanctions

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

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  • 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.

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