Markets in Brief 02.11.2018

This week, for the first time, Iran Energy Exchange offered crude oil to traders. The idea of selling crude oil to private sector which once was considered as a taboo, was born when the America threatened to bring the export of the Iranian crude oil to zero.

Iran Oil Ministry had already tried to sale crude oil through individuals during the past period of sanctions. However, to the lack of transparency, it led to a vast corruption. Having learned a lesson from its errors, this time, the Iranian National Oil Company decided to offer the crude oil at Energy Exchange.

On Sunday one million barrels of crude oil at an initial price of 79 USD/b were offered. Through the day, 280,000 barrels were bought at a modified price of 74.85 per barrel.

For ups and downs at Tehran Stock Exchange and Iran Farabourse see the charts above.

Related article: Iran offers petroleum at Energy Bourse