08-02-2018

Iran cuts March prices for most crude grades to Asia, Europe

Iran has set its official selling price for its Light crude oil for March loading to Asia at $1.80 a barrel above the average of Oman and Dubai quotes, unchanged from February, two sources with direct knowledge of the matter said on Wednesday. State-owned National Iranian Oil Co cut prices for all the three heavier grades it sells to Asia.

Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries, also cut prices for all the Iranian crude grades sold to northwest Europe, the Mediterranean and from the Egyptian port of Sidi Kerir.

The table below shows March crude prices to Asia as differentials to the Oman/Dubai average as published by price reporting agency Platts and to the other three regions as differentials to Brent weighted average price, or BWAVE. All prices are in U.S. dollars.

ASIA (PRICES AGAINST OMAN/DUBAI AVERAGE)  
       
GRADE MARCH FEB CHANGE
IRANIAN LIGHT 1.80 1.8 0
IRANIAN HEAVY -0.75 -0.50 -0.25
FOROZAN -0.45 -0.25 -0.2
SOROUSH -5.35 -5.05 -0.30
       
NW EUROPE (PRICES AGAINST BRENT WAVE)   
       
GRADE MARCH FEB CHANGE
IRANIAN LIGHT -2.25 -1.35 -0.9
IRANIAN HEAVY -4.8 -3.65 -1.15
FOROZAN -4.5 -3.40 -1.10
       
MEDITERRANEAN (PRICES AGAINST BRENT WAVE)      
       
GRADE MARCH FEB CHANGE
IRANIAN LIGHT -3.50 -1.95 -1.55
IRANIAN HEAVY -6.00 -4.35 -1.65
FOROZAN -5.70 -4.1 -1.6
SOROUSH -9.1 -7.1 -2
       
SIDI KERIR (PRICES AGAINST BRENT WAVE)     
       
GRADE MARCH FEB CHANGE
IRANIAN LIGHT -1.8 -0.25 -1.55
IRANIAN HEAVY -4.3 -2.65 -1.65
FOROZAN -4.00 -2.40 -1.6

Source: Reuters

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