The National Iranian Oil Company (NIOC) has planned to offer 2 million barrels of heavy crude oil on the international floor of the Iran Energy Exchange (IRENEX) on August 27 for $50.37 per barrel.

According to NIOC, this is the 7th heavy crude oil offering by NIOC at IRENEX.

On April 30, the company sold 70,000 barrels of heavy crude oil at IRENEX.

Buyers can receive their cargo(es) up to three months after the transaction, and the delivery of the cargo(es) in other areas is subject to approval by the National Iranian Oil Company.