Iran General NewsIran lowers official crude selling prices for Asia in...

Iran lowers official crude selling prices for Asia in September

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

By Ramsey Al-Rikabi

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.

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