Iran plans to sell new oil grade. Asiancountries to be primary market

Due to the increase of oil production in the West Karoun region, near Iraqi border, Iran will begin selling a new grade of crude in March or April 2016, according to an official at state-run National Iranian Oil Co.

Iran’s new grade, that comes from the Yadavaran, South Azadegan and North Azadegan fields, will have a higher density than its Heavy blend and will be lighter than the Soroosh and Nowrooz crudes.

Iran has not chosen a name for the new grade yet. Asian countries will be the primary market of new oil grade. Available first volume purchases are not specified.

According to the opinion of the executive director of IEA Fatih Birol, lifting sanctions against Iran will affect the oil price detrimentally throughout 2016.