Iraq raises Dec. Basra Light crude prices to Asia, Europe

Tehran Times - - ENERGY -

Iraq has raised the De­cem­ber of­fi­cial sell­ing prices (OSPs) for its crude oil sales to Asia and Europe, but trimmed the Basra Light crude price for the United States af­ter de­mand slowed.

The De­cem­ber Basra Light OSP to the North and South Amer­i­can mar­kets was set at the Ar­gus Sour Crude In­dex (ASCI) plus 20 cents a bar­rel, down 15 cents from the pre­vi­ous month, the State Oil Mar­ket­ing Or­ga­ni­za­tion (SOMO) said on Sun­day.

Basra crude load­ings for the United States fell to multi-month lows in Oc­to­ber and Novem­ber af­ter U.S. re­fin­ers turned to more com­pet­i­tively priced sup­plies pro­duced in the Amer­i­cas.

In Asia, the De­cem­ber OSP for Basra Light crude rose by 35 cents to 10 cents a bar­rel above the av­er­age of Oman/Dubai quotes, while the OSP for Basra Heavy in­creased by 45 cents from the pre­vi­ous month.

These hikes, much smaller than the 65- cent in­crease seen for sim­i­lar-qual­ity Saudi Arab Medium, could sup­port De­cem­ber spot trade, traders said, de­pend­ing on the month’s ex­port vol­ume.

SOMO typ­i­cally in­forms its cus­tomers how much they can lift in the month af­ter an­nounc­ing monthly prices.

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