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Iraq cuts crude oil sales prices to Europe
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Economy News - Follow-up
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Added 09/09/2024 - 1:57 PM
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Economy News - Follow-up
The Iraqi Oil Marketing Company (SOMO) has decided to reduce the official selling prices for Iraqi crude oil destined for shipment in October to Europe.
According to a report published by Standard & Poor's Global Platts, which was reviewed by Al-Eqtisad News, the Iraqi Oil Marketing Company (SOMO) has reduced the official selling prices for Basra Medium crude to $4.70, which is lower than the price of dated Brent crude, and has also reduced the price of Basra Heavy crude to $7.25 lower than the price of Brent crude, indicating that SOMO has reduced the official selling price for both crudes by about 80 cents per barrel from September loading levels.
The official selling price for Kirkuk crude was kept unchanged during the month at a discount of $1 per barrel to dated Brent crude, according to the notice.
SOMO also cut its October official selling prices for Asian buyers, setting Basra Medium crude prices to Asia at minus 50 cents a barrel to the average of Platts Oman/Dubai assessments.
The official selling prices for Basra Heavy crude were set at a discount of $3.50 per barrel to the same benchmark.
The September differentials were zero for Basra Medium and a discount of $3 per barrel for Basra Heavy.
Iraqi crude prices for US buyers were unchanged in October from September. Basra Medium was quoted at a discount of $1.10 a barrel to the Argus Sour Crude Index (ASCI), and Basra Heavy was quoted at a discount of $5.45 a barrel to the benchmark. Kirkuk’s October OSP was set at a premium of $1.25 a barrel.
S&P Global Platts is a leading provider of information and analysis for energy and commodities markets, and is known for setting global price benchmarks for oil, gas and other commodities.
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Added 09/09/2024 - 1:57 PM
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