SG:Iran raises official selling price for crude sold to Asia
Business Week reported that Iran raised its official premium for light crude sold to Asia for April to USD 3.01 a barrel over the average of Middle East benchmarks.
An official at National Iranian Oil Company said that the Iranian Light premium for Asia is up USD 1.25 per barrel from March. Iranian Heavy to the region will be priced at 89 cents above Oman and Dubai, 65 cents higher.
Producers such as Saudi Arabia and Iran sell most of their crude under long term contracts to refiners. As the largest producer in the Organization of Petroleum Exporting Countries, Saudi Arabia creates the standard for regional price changes.
Iran priced its Light grade for April at 21 cent premium to Saudi Arabia’s Arab Light, unchanged from the price relationship it maintained during the Q1.
NIOC lowered price differentials for all its crudes to Northwest Europe. Iranian Light to Europe for April will be USD 1.75 below the Brent weighted average, 30 cents lower than March.
