Experts say it is the policy of Iranian oil officials to protect the country's market share in Europe, since the Islamic Republic's oil is sold on Free on Board (FOB) basis, meaning the buyer covers the cost of delivery.
According to an analysis made by international relations department of National Iranian Oil Refining and Distribution Company (NIORDC), the country's oil is exported to Asia, Europe, South Africa and Mediterranean countries, among them Asians buy Iranian oil at higher prices.
It is being said that the reason of more prices paid by Asian countries for crude oil lies in the fact that their estimation is based on the prices defined at Oman and Dubai markets.
At the same time European countries purchase Iran's crude oil at a lower price, while Asian countries, South Africa and Mediterranean countries respectively pay higher.
The cost of Islamic Republic's crude oil exported to Asia is 3 dollars more than Europe and 2 dollars higher than Mediterranean countries.
Currently Iran is selling petroleum based on FOB Persian Gulf, pays nothing for delivery. Tehran has also taken steps to attract Asian customers by changing the way of selling its crude. As one of the initiatives, the officials attempt to arrange oil deals on CIF, or cost, insurance and freight basis where the seller pays transportation costs to the importing country as well as insurance charges.
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