Iraq cuts Basrah Light crude price to Asia in Oct

Iraq set on Tuesday the October price of its Basrah Light crude to Asian customers at $0.85 a barrel above the average of the Oman and Dubai benchmark crudes, down $1.40 from the previous month, according to a pricing document from the state-oil marketer. Iraq has cut Basrah crude prices for Asia by a larger extent compared with Saudi grades following unsold Basra crude cargoes last month.

Iraq set on Tuesday the October price of its Basrah Light crude to Asian customers at $0.85 a barrel above the average of the Oman and Dubai benchmark crudes, down $1.40 from the previous month, according to a pricing document from the state-oil marketer.

Iraq has cut Basrah crude prices for Asia by a larger extent compared with Saudi grades following unsold Basra crude cargoes last month. Oil giant Saudi Aramco on Sept lowered the price differential of light crude for delivery to the Far East in October to a premium of $1.7 per barrel versus the average of Oman and Dubai crudes. Below is a table with the Iraqi price differentials in dollar/barrel according to grade and destination for October.

America(vs ASCI) Europe(vs Brent) Asia(vs Oman/Dubai) Basrah light -1.15 -3.95 +0.85 Basrah medium -1.35 -5.90 +0.10 Basrah heavy -3.20 -7.95 -2.25 Kirkuk +1.30 -1.10 NA