Iran Lowers Official Crude Selling Prices for Asia in September

Iran cut September crude-price differentials to customers in Asia, following a similar decrease by Saudi Arabia, according to National Iranian Oil Co.

NIOC lowered Iran Light to customers in Asia by 80 cents from August to $1.44 a barrel above the average of Middle East benchmark Dubai and Oman crudes, said a company official, asking not to be identified because of internal policy. Saudi Arabian Oil Co. lowered its Arab Light oil by the same amount. NIOC links its prices to those set by Saudi Aramco.

Iran Heavy was lowered by $1.20 to a discount of 39 cents a barrel and Forozan decreased by a similar amount to 18 cents below the marker grades, he said. The Soroosh and Norooz grades to Asia will be priced at a discount of $5.60 a barrel to Iran Heavy, unchanged from this month.

The following table gives differentials of Iranian crude supplied to different regions. Prices are in U.S. dollars a barrel.

------------------------------------------------------------
Asia

                 Sept.           Aug.         Change
Iran Light       +1.44           +2.24        -0.80
Iran Heavy       -0.39           +0.81        -1.20
Forozan Blend    -0.18           +1.02        -1.20
Soroosh/Norooz   -5.60           -5.60        +0.00

Prices for customers in Asia are expressed as a differential to
the average of the Oman and Dubai assessments published by
Platts, except for the Soroosh and Norooz, which are priced
against Iranian Heavy.
------------------------------------------------------------
Mediterranean

                   Sept.           Aug.         Change
Iranian Light      -2.25           -4.50        +2.25
Iranian Heavy      -3.85           -5.75        +1.90
Forozan Blend      -3.75           -5.65        +1.90
Soroosh/Norooz     -4.50           -4.10        -0.40

Prices for customers in the Mediterranean are expressed as a
differential to the Brent weighted average on ICE Futures Europe
exchange, except for the Soroosh and Norooz, which are priced
against Iranian Heavy.
------------------------------------------------------------
Sidi Kerir

                   Sept.           Aug.         Change
Iranian Light      +0.35           -1.95        +2.30
Iranian Heavy      -1.25           -3.20        +1.95
Forozan Blend      -1.15           -3.10        +1.95

Prices for Sidi Kerir are expressed as a differential
to the Brent weighted average on ICE Futures Europe exchange.
--------------------------------------------------------------
Northwest Europe and South Africa

                   Sept.           Aug.         Change
Iranian Light      -0.15           -2.05        +1.90
Iranian Heavy      -1.85           -3.55        +1.70
Forozan Blend      -1.75           -3.45        +1.70

Prices for customers in Europe are expressed as a differential
to the Brent weighted average on ICE Futures Europe exchange.
--------------------------------------------------------------

To contact the reporter on this story: Ramsey Al-Rikabi in Singapore at ralrikabi@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.