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Iran: Domestic energy exchange struggles to attract crude buyers

Iranian National Oil Company (NIOC) sold just 70,000 barrels of heavy crude on the Iran Energy Exchange (IEE) on 30 April, a small fraction of the 1m bbls on offer. The crude was available in batches of 35,000 bbls, but attracted just two successful bids at $63.51/bbl. It is a further sign that the domestic market is failing to respond as Tehran had hoped to the exchange, which is designed to offset some of the impact of US sanctions which have severely restricted international sales.

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