Iran to present its oil at stock exchange for sixth time

Tehran, Aug 17, IRNA – National Iranian Oil Company (NIOC) announced Saturday that the sixth round of introducing Iran's crude oil at the stock exchange will start as of August 21. A base price of 52.8 dollars is recommended for every single barrel of heavy crude oil two million barrels of which is planned to be sold, the NIOC said. On July 1, Iranian First Vice-President Eshaq Jahangiri announced that the government is to offer the country's oil through the national stock exchange as the US has targeted the Iranian oil sector in order to restrict the country's exports. Those who buy Iran's oil can receive the cargo three months after the deal, the NIOC noted. Reportedly, the decision to present crude oil at the stock exchange has been taken based on policies to promote Economy of Resistance highlighted by the Supreme Leader of the Islamic Revolution on March 21, 2017. Despite the world’s criticism over Washington’s anti-Iran measures, US President Donald Trump reinstated unilateral sanctions on Tehran on November 5, 2018, and imposed as he claimed the “highest level” of economic bans on the Islamic Republic of Iran. According to Iranian officials, oil is a strategic product and the world needs the commodity. Those countries which have already stopped their oil imports from Iran are now after finding ways to indirectly buy Iran’s oil. Follow us on Twitter @IrnaEnglish