TEHRAN, Oct. 13 (Xinhua) -- National Iranian Oil Company (NIOC) has announced to launch crude oil futures by Oct. 22, with 1 million barrels of crude oil offered to potential private sectors' customers, Eghtesadonline news website reported on Saturday.
The move aims at empowering domestic manufacturers and giving bigger role to private enterprises, the report said quoting a NIOC statement.
Among the advantages of the plan is the establishment of a healthy and transparent venue to exploit the potential of the non-government sectors in oil exports "that had long been delayed," it said.
Iranian First Vice President Eshaq Jahangiri said earlier that the government was finalizing measures to enlist oil trade on the stock market to let the private companies buy and export it.
Jahangiri said that the move was aimed at curbing the U.S. sanctions on Iranian oil exports.
U.S. President Donald Trump withdrew from an Iranian international nuclear agreement in May and vowed to reimpose sanctions on Iran's financial, automotive, aviation and metals sectors. The U.S. State Department has also set Nov. 4 as a deadline for Iranian oil buyers to cut their purchases or to face U.S. punishments.
