“Iran’s light crude is traded higher than Saudi Arabia’s,” he replied to Shana’s query on the kingdom’s price war by cutting its light crude value in global markets.
He also said that Japan and South Korea are expected to be the first countries to buy Iran’s crude oil after sanctions are lifted.
“Japan has applied to allocate 10 percent of its daily 3.5 billion barrels of crude oil import to Iran,” he said, adding that it will raise the current 110,000 barrels exports to 350,000 barrels per day.
Providing 3 percent of Japan’s oil import, Iran is currently the sixth major exporter of the product to the Asia’s major economy.