Iran’s Bourse Organization announced today that the first shipment of 500,000 barrels of Iranian heavy crude was sold on Thursday at Kish Oil Bourse, a commodity exchange set up in the Persian Gulf island of Kish to trade in Iranian crude. The shipment was sold at USD 105.49 per barrel, with no premium added. [Mehr News Agency, 19 August].
The Kish Bourse began its operation last July. Three shipments of crude could not be sold in previous sessions. Today’s successful sale marks the actual start of the oil exchange. The National Iranian Oil Company (NIOC) is planning to offer shipments of 500,000 barrels of light or heavy crude on daily basis at the facility.
File Photo: Kish Oil Bourse / Mehr