Iran sells oil to private buyers through its energy exchange for the first time on Sunday, as part of its efforts to counter the imminent return of US sanctions.
Only 280,000 barrels are sold out of one million offered, and went for $74.85 per barrel, more than $4 below the initial asking price.
The identity of the buyer remains a secret, with the conservative Fars news agency saying only that a conglomerate of private firms had made the purchase through three brokerages.
The US is set to reimpose sanctions on Iran’s oil industry on November 5, following President Donald Trump’s decision to walk out of the 2015 nuclear deal in May.
The plan to sell oil to private companies on the energy exchange was floated back in July by first vice-president Eshaq Jahangiri with the aim of “defeating America’s efforts … to stop Iran’s oil exports.”
The government hopes selling to private buyers, rather than direct to foreign clients, will make it harder for the US to monitor and stop its sales.
— AFP
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