MNA – The seventh crude oil auction on Iran Energy Exchange was held today at Iran Energy Exchange (IRENEX).

National Iranian Oil Company (NIOC) offers one billion barrels of crude oil at the base price of $61.73 at IRENEX for the seventh time on Monday.

The least amount of sales is 35,000 barrels like the previous rounds, the same as previous rounds.

NIOC started oil offering at IRENEX due to the US’s withdrawal from Iran’s nuclear deal and re-imposition of sanctions against Iranian oil sector.

The company commenced to offer crude oil at IRENEX initially on October 28, 2018, just a few days before the new round of US sanctions were placed.

IRENEX is considered as a turning point in Iran's strategic oil industry and capital market which lets producers and consumers be in touch by paying lower trade costs in a transparent business environment.