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Iran Plans to Sell New Oil Grade in March as Output Increases

  • Oil from West Karoun region to be denser than Iran Heavy crude
  • State oil company may offer discounts to win sales, IHS says
Updated on

Iran will begin selling a new grade of crude in March or April as it prepares to boost production once international sanctions blocking its oil exports are lifted, according to an official at state-run National Iranian Oil Co.

The Persian Gulf state is increasing output at fields in the West Karoun region, near the Iraqi border. Most of the crude in the new blend will come from the Yadavaran, South Azadegan and North Azadegan fields, the NIOC official said, declining to be identified due to company policy.