Iraq News - Local News - Baghdadpost

Iran's last-minute attempt to sell oil fails before Nov. sanctions

South Korea cuts Iran oil imports to zero
A last-minute Iranian attempt on Sunday to sell mass amounts of oil before new US sanctions are introduced on November 4 has ended in failure.

Private buyers were offered a million barrels of oil on IRENEX, the Iranian energy index, at an initial base price of $79.16 per barrel, but offers came in much lower than Iran’s desired price.

Eventually, just one unidentified buyer purchased only 280,000 barrels for $74.85 per barrel.

“With the imminent return of a new wave of sanctions, the government is determined to utilize the maneuvering ability of the private sector to sell Iran’s oil and find new markets,” said Hamidreza Salehi, director of Iran’s energy exports federation, signaling the regime’s plan to sell oil to private buyers under the radar.

The attempt came as a blow to Iran’s hopes of circumventing the renewed oil sanctions put in place in May after US President Donald Trump withdrew from the 2015 nuclear deal signed by his predecessor, Barack Obama.

Iran’s oil exports have fallen by more than 30 percent since May, crippling Iran’s already struggling economy and fueling protests against Ali Khamenei’s regime.