NIOC Readjusts Oil Sale Terms via Iran Energy Exchange

Almost a month after Oil Minister Bijan Namdar Zanganeh adjusted the guidelines for crude oil sale via IRENEX, the ministry again tweaked purchasing terms to attract buyers.
Amirhossein Tebianian, the National Iranian Oil Company representative in charge of petroleum products on IRENEX, said the new terms pertain to pricing and procedures.
As per the new instructions, crude oil and gas condensates will be offered at discounted rates for the first time. The spot price would be quoted in dollar premiums and be set as per key oil price indices, the Oil Ministry’s news portal Shana reported. 
According to Tebianian, the NIOC considers the maximum discount based on major oil indices. Accordingly, each barrel of light crude oil will be offered $7 lower than Brent crude oil price for FOB delivery.