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Iran offers a discount on its oil

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Staff Writer | August 13, 2018
Iran oil
Trade war   Selling Iran's oil based on the long-term agreements is underway

An informed source at Iran's Ministry of Petroleum announced Monday that Tehran offers and sells its oil at a discount to its Asian customers, IRNA reports.

The move is taken based on norms of the market and in harmony with discount given by other oil exporters, the source told Islamic Republic News Agency (IRNA).

"Discount is part of the nature of the global markets being offered by all oil exporters," the source added.

He made the remarks commenting on the news released recently that Iran is selling its oil in lower price to its Asian customers.

The source further stressed that selling Iran's oil based on the long-term agreements is underway.

Despite Washington's May 8 exit from the Iran Deal formally known as the Joint Comprehensive Plan of Action (JCPOA) and its move to give 90 to 180 wind-down period to other countries before it starts re-imposing sanctions on Tehran on November 4, many world countries including India and China- two major importers of Iran oil- endeavors to win exemption from US bans.

Experts believe that the Asian market is more important than other ones, because the big economic powers, India and China in particular, in East and South of Asia are moving fast towards development; furthermore, their oil consumption is increasing.

Earlier, Iran's Deputy Minister of Petroleum for International Affairs Amir Hossein Zamaninia had commented on Saudi Arabia's measures to restrict Iran's oil, saying Riyadh gives certain discount to customers in order to limit Iran's oil market.

Despite such anti-Iran measures and the US pressures and threats, reports show that the average of Iran's oil exports, excluding gas condensate, has been 2.3 million barrels per day from late March to late July.

China and India still continue importing Iran's oil regardless to the US May exit and its pressures put on other countries to follow Washington's

anctions against Iran.


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