A base price of $52.80 is recommended for every single barrel of heavy crude oil, of which two million barrels is planned to be sold, the NIOC said, according to IRNA.
On July 1st, Iran’s First Vice President Es’haq 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 minimize 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 the ‘resistance economy’ policies set by the Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei on March 21, 2017.
Despite the world’s criticism over Washington’s anti-Iran measures, President Donald Trump pulled the US out of the Joint Comprehensive Plan of Action (JCPOA) in May 2018 and reinstated unilateral sanctions on Tehran in November of the same year.
Trump claims that this time, the US has imposed the “highest level” of economic sanctions 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 seeking to find ways to indirectly purchase oil from the Middle Eastern state.