SINGAPORE: OPEC producer Iran cut prices for August crude sales to Asia, the Mediterranean and from the port of Sidi Kerir in Egypt, in a continuing effort to regain market share in these regions post-sanctions.
Tehran's oil sales hit 4-1/2 year high in June, nearly doubling since December as sanctions were lifted on its oil exports in January. By discounting prices for its crude against Saudi Arabia and Iraq, Iran has attracted new customers in countries such as Poland and spurred higher demand from existing buyers in Asia.
The National Iranian Oil Company has set the official selling price (OSP) of its Iranian Light grade for its Asian buyers at 45 cents a barrel above the Oman/Dubai average for August, down 40 cents from the previous month, an industry source with direct knowledge of the matter said on Monday.
Iranian Heavy kept its 25 cents a barrel discount to Saudi Arabia's Arab Medium while Forozan was maintained at a 5 cents a barrel discount to the Arab grade, the prices showed.
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