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A surprising decision for Iraq towards the Americas
- Time: 09/15/2021 08:47:32
- Reading: 2,678 times
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{Economic: Al Furat News} Iraq has sharply reduced the price of its crude oil to its customers in the United States, in a bold deviation from the approach adopted by Saudi Arabia a few days ago.
Basra Light crude will be sold at a discount of $1.15 a barrel in October to buyers in the Americas, compared to a regional benchmark, according to a price list from the state-run Iraq Oil Marketing Company. This compares with a slight discount (15 cents a barrel) for the same crude in September.
The Iraqi move is striking. Like many Middle Eastern countries, Baghdad rarely diverges from Saudi Arabia when it comes to pricing.
But earlier this month, the kingdom kept its main crude - Arab Light - at $1.35 plus the price of a barrel of oil for October, unchanged from September.
While Iraq lowered prices for buyers everywhere, with the exception of Kirkuk oil, which is sold from a port on the Mediterranean, which remained unchanged.
Oil production in the US Gulf of Mexico shrank sharply in the wake of Hurricane Ida, which shut down a large part of the region's production.
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{Economic: Al Furat News} Iraq has sharply reduced the price of its crude oil to its customers in the United States, in a bold deviation from the approach adopted by Saudi Arabia a few days ago.
Basra Light crude will be sold at a discount of $1.15 a barrel in October to buyers in the Americas, compared to a regional benchmark, according to a price list from the state-run Iraq Oil Marketing Company. This compares with a slight discount (15 cents a barrel) for the same crude in September.
The Iraqi move is striking. Like many Middle Eastern countries, Baghdad rarely diverges from Saudi Arabia when it comes to pricing.
But earlier this month, the kingdom kept its main crude - Arab Light - at $1.35 plus the price of a barrel of oil for October, unchanged from September.
While Iraq lowered prices for buyers everywhere, with the exception of Kirkuk oil, which is sold from a port on the Mediterranean, which remained unchanged.
Oil production in the US Gulf of Mexico shrank sharply in the wake of Hurricane Ida, which shut down a large part of the region's production.
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