Iraq has raised the official selling price of Basra light crude to US buyers for September by 10 cents to $1.30 below the Argus (ASCI) benchmark, the State Oil Marketing Organisation (SOMO) said on Sunday. The September price for Kirkuk crude for US refiners was kept unchanged versus the August price at a premium of 25 cents over the ASCI benchmark.
The September price for Basra light crude for Asian buyers was set at a discount of $1.55 below the average of Oman/Dubai quotes. The price decline of Iraqi light crude heading to Asia for September was within the range of expectations in a Reuters survey for the September OSP. The price of Basra crude for European buyers was set at $2.95 below the North Sea spot benchmark BFOE versus $1.95 below the benchmark in August.