Business And Markets
0

Iran Opens Oil Trading to Private Buyers as US Sanctions Draw Near - Interview

Finance Desk
The new measure has been touted by senior officials in Tehran as an effective way to frustrate US ploys to "reduce Iran's oil export to zero
Iran Oil Bourse A Watershed Moment - InterviewIran Oil Bourse A Watershed Moment - Interview

Sunday marks the first offering of crude oil for export on Iran Energy Exchange (IRENEX) days before new US sanctions on petroleum sector take effect. 
The country had made several attempts in the past to offer crude oil on the stock market in the past to involve the private sector and international buyers in the state-controlled oil sector -- the lifeblood of its economy. 
Trump’s unilateral move to abandon the 2015 Iran nuclear deal has put it at odds with the other signatories to the deal, including Washington’s close European allies Britain, France and Germany, as well as Russia and China. 

Washington plans to pursue a new series of sanctions due to go into effect Nov. 4 aimed at undermining Iran’s economy.

The new measure has been touted by senior officials in Tehran as an effective way to frustrate US ploys to "reduce Iran's oil export to zero." 
The National Iranian Oil Company has said that all investors–both Iranian and foreign–can participate in the oil trade. The Financial Tribune interviewed Ali Hosseini, IRENEX managing director, to find out more about the trading mechanism. 

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment

Financialtribune.com