Addressing the Iranian parliament on Wednesday, the official said that heads of the three government powers had signed off on sale of 3 million barrels of crude oil by NIOC on the Energy Exchange.

He said the cargoes would be traded in Iranian rials if buyers demanded.

In the first phase of NIOC oil sale on IRENEX, (October 28), one million barrels of crude oil was supplied, but eight shipments of 35,000 barrels (equivalent to 280,000 barrels) were sold at 74 dollars and 85 cents.

In the second phase (November 11), 700,000 barrels of crude were traded at $64.97.