Iran has established an international exchange for crude oil in a free trade zone on the Persian Gulf island of Kish.
During a ceremony marking the launch, Ali Salehabadi, who oversees Iran’s exchanges, said the market would supply crude in the Middle East. He invited international traders to participate.
Iran ranks second in output among OPEC countries and controls about 5 percent of the global oil supply.
It has sought to wield its oil resources as a bargaining tool in its standoff with the West over its nuclear program.
Iran planned the crude market in 2005 and established an exchange for other oil products in 2008.
