Apr 10 2014

IEE can determine regional oil price

Iran Energy Exchange (IEE) has the potential of playing a key role in determining oil price in the region, Managing Director of Iran Energy Exchange Ali Hosseini said on Wednesday.Talking to IRNA, Hosseini noted that since Iran is an oil-rich country, IEE has the potential of increasing supplies from the current 3,000 barrels per day to 10,000 bpd."Iran aims to prepare the ground for the presence of foreign buyers of crude oil in the energy exchange and diversify products supplied to buyers, including gas condensate," he said.The first crude oil transaction at Iran Energy Exchange took place on April 6.

Two private refiners bought 2,920 barrels of crude oil at 3.06 million rials (about $102) per barrel.The National Iranian Oil Company, which is the exclusive seller of Iranian crude, offered the consignment on the exchange.The proposal to trade oil at IEE was first raised in 2000.

© Iran Daily 2014

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