Iran sells its oil on the stock exchange to face US sanctions

SANAA, Oct. 29 (YPA) – Iran has for the first time to sell its oil to private companies through its energy exchange, as part of its efforts to confront the new US sanctions.

A total of 280,000 barrels of crude oil were sold in the Iranian bourse out of a million barrels offered at $ 74.85 a barrel, and less than $ 4 a barrel from the initial bid price.

The identity of the buyers were not disclosed as a conglomerate of private companies and made purchases through intermediaries, Fars News Agency reported.

The new sanctions on Iran’s oil industry will come into effect on Nov. 5, following US President Donald Trump’s decision to withdraw from Iran’s nuclear deal in May.

 E.M