Iraq Cuts July Basra Light Crude Price to Asia

Source: Reuters 6/9/2013, Location: Middle East

Iraq cut the price of Basra light crude to Asian buyers for July by 35 cents to a discount 50 cents per barrel to the average of Oman/Dubai quotes and raised prices to U.S. and Europe, the oil ministry spokesman said.

The July price of Basra crudes for U.S. buyers was set at a discount of $1.70 per barrel against the Argus (ASCI) benchmark versus a discount of $1.90 for the previous month.

The price of Basra crude for European buyers was set at a discount of $3.25 to the North Sea spot benchmark BFOE versus $3.35 below the benchmark the previous month.

The July price for Kirkuk to the Americas was set at a premium of $1.00 to the Argus Sour Crude Index (ASCI), comparing to a premium of $1.30 the previous month.

The July price for Kirkuk to Europe was set at dated Brent minus $2.10 a barrel versus a discount of $1.90 the previous month.

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