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Daily News
06/01/2020


Iranian State Oil Sells Crude Oil and Condensate Oil at Discount
 
 
BEIJING (Reuters)- Iran's National Petroleum Corporation plans to offer crude oil and condensate at a substantial discount on January 03,2020. The price of condensate offered by the company would be $6 per barrel lower than the offshore price of the UAE and would sell light crude at $7 per barrel lower than Brent and heavy crude at $8.5 per barrel lower than Brent.
 
But the price isn't the only concession Iran has made to sell oil under U.S. sanctions, and it will also remove some of the eligibility requirements for buyers and reduce the amount buyers must pay in advance. It will also allow buyers to spend longer on oil payments. The company wants the new terms to help it sell 6 million barrels a month, but only 1.1 million barrels of crude oil and zero condensate in November 2019.
 
The renewed US sanctions have limited Iran's crude oil trade and affected its cash flow. Iranian President Hassan Rouhani also announced a "budget for resistance" to U.S. sanctions, including a $5 billion loan from Russia that would reduce his reliance on crude oil revenues.

 
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