TEHRAN- National Iranian Oil Company (NIOC) will offer crude oil at Iran Energy Exchange (IRENEX) every week, Iranian Oil Minister Bijan Namdar Zanganeh told Islamic Consultative Assembly News Agency (ICANA).

The minister said that it may take some time for selling crude oil at IRENEX to be common and regular, but the oil ministry will offer the product at this market every week.

NIOC offered crude oil at IRENEX first on October 28, just few days before new U.S. sanctions on Iran’s petroleum sector took effect (November 4). In the first round, NIOC could sell some 280,000 barrels of crude oil at $74.85 per barrel. With the daily supply amount of one million barrels, the market wrapped up by selling eight 35,000-barrel-cargos of oil on the day.

The second round was on November 11 for offering 700,000 barrels of light crude oil at the price of $76.29 per barrel.

NIOC offered one million barrels of light crude oil at IRENEX for the third time on January 21. The set price for that round of oil sale was $52.42 per barrel.

The third round witnessed some advantages compared to the first and second rounds to facilitate purchase process for the applicants.

The fourth round of offering took place on February 4, when one million barrels of light crude oil was offered at the base price of $56.24 per barrel and the least amount of sale was 35,000 barrels. This round ended with no deals.

Then on February 18, NIOC sold 35,000 barrels of light crude oil at IRENEX at the base price of $52.25 per barrel for the fifth time.

MA/MA