4th Round of Oil Sale on IRENEX Next Week

The Iranian National Oil Company announced in a notice on Monday that the fourth round of crude oil sale will be launched on Iran Energy Exchange on February 4. 
According to the notice, published on the NIOC’s website, the proposed base price is set at $56.24 per barrel and, as in the previous stage, the commodity will be offered in cargos of 35,000 barrels. Each buyer is required to buy a minimum of one cargo and other conditions will be the same as the previous round. 
The third round of crude offer in the energy market ended without any trade last week. The trading procedure in this round underwent some procedural change which is put into effect mainly to facilitate the purchasing conditions for buyers.