Iran reduces official selling prices for crude sold to Asia

Bloomberg: Iran cut the premium on its light and heavy grades sold to Asia in May, according to a company official, mirroring Saudi Arabia’s pricing changes announced last week.
Bloomberg

By Ramsey Al-Rikabi

Iran cut the premium on its light and heavy grades sold to Asia in May, according to a company official, mirroring Saudi Arabia’s pricing changes announced last week.

National Iranian Oil Co. priced its light crude at a premium of $2.66 a barrel to the monthly average of regional benchmarks Dubai and Oman, said the official, who declined to be identified because of company policy. The premium is down 35 cents from April.

Iranian Heavy (AOSPHVAS) and Forozan (AOSPFNAS) Blend were both cut by 10 cents to premiums of 79 cents a barrel and 97 cents a barrel, respectively. The following table gives differentials of Iranian crude supplied to Asia. Prices are in U.S. dollars a barrel.

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Asia

Variety                 May           April        Change
Iranian Light       +2.66         +3.01        -0.35
Iranian Heavy     +0.79         +0.89        -0.10
Forozan Blend     +0.97         +1.07        -0.10
Soroosh/Norooz   -5.10          -4.94        -0.16

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