Business | Oil & Gas

Iraq's April OSP cut for Europe but raised for US

Iran slashes prices for Asia after Saudi Arabia cuts tariffs for its informal benchmark Arab Light and Arab Medium crudes.

  • Reuters
  • Published: 00:29 March 14, 2008
  • Gulf News

Dubai: Iraq has cut the official selling price (OSP) of its Basra Light crude for April loading by $2.20 a barrel to European buyers and raised the price to the United States, an Iraqi oil official said on Thursday.

The April Basra Light price for European buyers was set at BFOE minus $6.25 versus minus $4.05 in March. The price of April Kirkuk crude to Europe was cut by $1.45 to BFOE minus $4.70.

For customers in the United States, the Basra Light price for April was raised by 60 cents to second month WTI minus $7.05 from minus $7.65 in March.

The April Kirkuk price to the US was cut by $1.05 to first-line WTI minus $5.65, versus minus $4.60 in March.

For Asian buyers, Iraq cut the price of Basra Light to a discount of $2.40 to the average of Oman/Dubai quotes, down 90 cents from March, the official said.

Meanwhile, Iran has cut its official selling prices (OSPs) for April crude supplies to Asia, as expected, on the back of weakening fuel oil prices, a source at National Iranian Oil Co (NIOC) said on Thursday.

The Iranian OSPs were seen likely to fall for Asian customers after Saudi Arabia cut the prices of its informal benchmark Arab Light and Arab Medium crudes. Iran cut the Iran Light OSP by 15 cents, slightly less than Saudi Arabia's 20-cent cut for rival Arab Light to Oman/Dubai +1.05.

NIOC also slashed the Iran Heavy and Forozan OSPs by $1.01 a barrel.

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