Iraq's state oil marketer SOMO raised the official February selling price (OSP) for Basra Light crude oil to Asia by $0.30 a barrel to the Oman/Dubai average minus $3.70 a barrel, it said on Sunday. The January OSP to Asia was the Oman/Dubai average minus $4 a barrel.
SOMO also cut the Basra Light OSP to the United States to ASCI minus $1.05 a barrel from ASCI minus $0.40 a barrel last month. The OSP to Europe was cut to dated Brent minus $5.95 a barrel from dated Brent minus $4.35 a barrel in January.
The move follows Saudi Arabia's deep cuts to its monthly oil prices for European buyers last week, as OPEC members compete to hold on to market share in an oversupplied market and amid slowing demand. Kirkuk was priced at dated Brent minus $4.80 a barrel to Europe, and at ASCI plus $1.75 a barrel to the United States.