Iraq’s State Oil Marketing Organization (SOMO) has raised its oil selling price for July exports of Basra Light and Basra Heavy crude grades to Asia, Platts reported.
SOMO raised Basra Light prices by 40 cents/b for July shipments, 55 cents/b higher than Platts Oman/Dubai prices. Basra Heavy OSP was increased by 70 cents/b, $3.15/b lower than Platts Oman/Dubai.
Shipments of Basra Light and Basra Heavy to Europe have increased by $1.75/b (a $3.95/b discount from Dated Brent) and $2.15/b (a $6.95/b discount from Dated Brent) respectively.
Cargoes of Kirkuk crude to Europe have been lowered by 50 cents/b, marking a discount of $3.90/b to Dated Brent.
SOMO also raised the OSP for US-bound crude for both Basra Light and Basra Heavy by 10 cents/b. The OPS for Kirkuk crude sent to the US increased by 25 cents/b.