Iran energy exchange to determine oil price in region

Tehran, April 9, IRNA – Iran Energy Exchange have the potential to play a pivotal role in determining oil price in the region, Managing-Director of Iran Energy Exchange Ali Hosseini said on Wednesday. Talking to IRNA, he noted that since Iran is an oil-rich country, the countryˈs energy bourse has the potential to increase supplies from current 3,000 b/d to 10,000 b/d. ˈIran aims to prepare the ground for the presence of foreign buyers of the crude oil in energy exchange and diversify the products supplied to buyers including the gas condensate,ˈ Hosseini noted. 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 per barrel. The National Iranian Oil Company, which is the exclusive seller of Iranian crude, offered the crude oil consignment on the exchange. The proposal to trade oil at bourse was first raised in 2000.