• 2 hours Oil Nears $52 With Record OPEC Deal Compliance
  • 5 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 7 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 8 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 3 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 4 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 7 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 7 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
Russia Goes All In On Arctic Oil Development

Russia Goes All In On Arctic Oil Development

Fighting sanctions and low oil…

The U.S. Shale Play To Watch In 2018

The U.S. Shale Play To Watch In 2018

The original U.S. shale gas…

Iran’s Kish International Oil Bourse Completes First Oil Transaction

Iran’s Kish International Oil Bourse Completes First Oil Transaction

Iran’s Kish Island International Oil Bourse (IOB), which opened last month, has completed its first oil transaction after its official opening earlier this month. The IOB, the Persian Gulf region's first indigenous oil bourse sold an offering of 500,000 barrels at $105.49 per barrel,

The purchase was made in euros and dirhams overseas accounts under the supervision of the National Iranian Oil Company. Unlike transactions on New York’s NYMEX and London’s ICE exchanges, which exclusively use U.S. dollars, Iran’s Hamsayeh.Net reported.

Mohammad Reza Khajenasiri, the chief supervisor of bourses and markets in Iran's Bourse Organization, said that the crude oil consignment went smoothly and that the shipment was traded "without any discount or additional premium."
 
Singapore’s Energy Studies Institute Energy Security Division head Hooman Peimani said, "The international sanctions make trades with Iran expensive, cause problems with payments and complicate deals, threatening further U.S. sanctions."

While the current volume of trades at Iran’s IOB are dwarfed by the daily transactions carried out at NYMEX and ICE, Washington and its allies view establishment of the Kish Oil Bourse as a potential danger to the West’s effective monopoly in energy trading as well as the Western financial establishment, given that transactions are accepted in any currency except Dollars.

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News