Iran is ready to sell oil for less than Saudi Arabia


Iran will sell crude oil Forozan Blend to Asian customers at the price that is $2.43 lower than Oman and the United Arab Emirates, reports Bloomberg.

The agency refers at a message of Iran‘s state oil company National Iranian Oil Co. Thus, for grades Forozan Blend, the cost per barrel will be 3 cents lower than the price of a barrel of Arab Medium grade, that is produced by Saudi Aramco. Iranian Light oil will cost 60 cents cheaper than similar grades of Middle East oil.

Previously, the newspaper The Financial Times reported that Saudi Arabia seeks to discourage the growth of Iranian oil exports, limiting the access of Iranian oil tankers in their ports. After the abolition of sanctions, Iran is actively increasing oil production and exports. Earlier, Saudi Arabia announced that it will not freeze oil production if Iran does not agree to do the same.


Image: Tim Evanson (under CC BY-SA 2.0)