Iraq Cuts March Basra Light Oil Price

Source: Reuters 2/10/2013, Location: Middle East

Iraq cut the price of Basra Light crude to U.S. buyers for March 2013 by 15 cents to $2.55 per barrel below the Argus (ASCI) benchmark, but increased prices to Europe, the State Oil Marketing Organisation said.

The price of Basra crude for European buyers was set at a discount of $4.85 to the North Sea spot benchmark BFOE, versus $5.10 below the benchmark in January 2013.

The price of Basra Light to Asia was cut by $1.15 to adiscount of $1.05 to the average of Oman-Dubai.

The official selling price of Kirkuk crude for U.S. refiners was set at a premium of $1.60 to the ASCI benchmark.

March's price of Kirkuk crude for European buyers was set at a discount of $2.55 to the North Sea spot benchmark BFOE.

Basra Light Crude Feb March


European buyers (vs North Sea spot BFOE) -5.10 -4.85

Asian buyers (vs Oman/Dubai average) +0.10 -1.05

Kirkuk Crude

U.S. buyers (vs ASCI) +1.30 +1.60

European buyers (vs BFOE) -2.75 -2.55

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