Iraq cut the price of Basra light crude to US buyers for April by 10 cents to 60 cents per barrel below the Argus (ASCI) benchmark and raised the prices to Europe, the State Oil Marketing Organisation (SOMO) said on Sunday. The price for Basra light crude for Asian buyers was set at a discount of 70 cents to the average of Oman/Dubai quotes versus a discount of 60 cents for the previous month.
The price of Basra crude for European buyers was set at a discount of $4.35 to the North Sea spot benchmark BFOE versus $4.60 below the benchmark the previous month.
The April official selling price for Kirkuk crude for US refiners was set at a premium of $1.15 to the ASCI benchmark, compared to a premium of $1.65 to the benchmark the previous month. The April price for Kirkuk to Europe was set at dated Brent minus $2.60 a barrel versus a discount of $2.75 the previous month.