According to an announcement by Iran’s energy stock market, crude oil sale has begun today on this market.

According to the reports, Iran’s National Oil Company has offered one million barrels of oil for sale in this market for $74.85 per barrel.

Based on the guideline of the National Oil Company, the customers must pay 10 percent of the price upon application, 10 percent upon purchase, and 80 percent in 50 days after delivery. It is also possible for customers to pay with Rials instead of the dollar.

On the first day, 10 applications were registered for 35000 barrels each, but only 3 paid the extra 10 percent to finalize the purchase.

This is the second time that the National Oil Company is selling oil on the market. The last time was in 2011 during the sanctions imposed by the UN Security Council. At the time, minimum purchase was at 500000 barrels and the customers were not allowed to sell in the same markets as the National Oil Company. But this time the minimum purchase has been reduced to 35000 barrels and there is no restriction on destinations.

This measure was taken in response to the new round of sanctions that will begin on November 4th which aim Iran’s oil and gas exports.

The previous experience of selling oil in the stock market led to financial corruption cases in Iran, Babak Zanjani being the most famous one.