Iran to present 5m barrels of oil at stock exchange monthly: MP

TEHRAN: Iranian Ministry of Petroleum is charged with presenting monthly five million barrels of light and heavy crude oil and South Pars’s gas condensate to the energy stock exchange, vice-chairman of Iran's Majlis (Parliament) Integration Commission said on Monday.

"The amount includes two millions of light crude oil, two millions of heavy crude oil and one million of gas condensate," Ali-Asghar Yousefnejad told the Islamic Republic News Agency (IRNA).

"Iranian oil should regularly be presented at the export sector of energy stock exchange and the total money for the oil should be paid in Riyal," the parliamentarian said.

Iran’s Ministry of Petroleum is also urged to issue reports on selling oil to Majlis Energy Commission every three months, the lawmaker said.

On July 1, Iranian First Vice-President Eshaq Jahangiri announced that the government is to offer the country's oil through national stock exchange as the US has targeted Iranian oil sector in order to restrict the country's exports.

Despite the world’s criticism over Washington’s anti-Iran measures, US President Donald Trump reinstated unilateral sanctions on Tehran on November 5 and imposed as he claimed the “highest level” of economic bans on Iran.

According to Iranian officials, oil is a strategic product and the world needs the commodity. Those countries which have already stopped their oil imports from Iran are now after finding ways to indirectly buy Iran’s oil.

Elsewhere in his remarks, Yousefnejad said the Majlis approved the outlines of the budget bill for the next Iranian calendar year which will start on March 21, 2019.