NIOC Calibrates Crude Oil Offer on Next IRENEX Sale

In a move to facilitate crude oil sale on the Iran Energy Exchange, the National Iranian Oil Company has adjusted some of its purchasing terms for the next round of offer scheduled for May 21. 
Amirhossein Tebianian, the NIOC representative in charge of offering petroleum products on IRENEX says the new conditions are related to the minimum purchasing volume and adjusting the pricing mechanism. 
According to the NIOC website, as per the new instructions issued by the Oil Ministry, the minimum purchase order will be reduced from the previous 35,000 barrels to 1,000 barrels for land delivery.
In the previous procedures, 1 million barrels of crude oil was offered in cargos of 35,000 barrels each and buyers were required to purchase at least one cargo.