Iraq Eases Basrah Premium

摘要

Iraq raised prices for its Basrah Light grade for June loadings to Asia by less than regional trendsetter Saudi Arabia, hiking differentials by 10￠/bbl, rather than the 25￠/bbl increase seen in the Saudis' comparable Arab Medium grade. Many major Mideast producers follow Saudi Arabia's pricing lead, generally maintaining a peg to Arab Medium or Arab Light. National Iranian Oil Co. (NIOC), for example, sets its crude prices quarterly as differentials against Saudi grades. But Iraq cut its premium for Basrah Light versus Arab Medium by 15￠/bbl to 70￠/bbl, the lowest since December.