The National Iranian Oil Company (NIOC) plans to offer its crude oil and condensates for a considerable discount, according Press TV.

NIOC is expected to sell condensates at $6 per barrel, and light crude oil for $7 less than Brent on free on board (FOB) basis, and heavy crude for $8.50 below Brent.

Iran has made significant compromises other than lowering the price of oil amid US sanctions, as it also plans to remove some of the buyer’s requirements, and to lower the down payments while extending the timeline – from 50 days to 60 days – to fully pay for oil cargoes.

Under the new terms, NIOC hopes this will help  sell off 6 million barrels on the Iran Energy Exchange (IRENEX) every month.