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Iraq’s SOMO cuts Asia-bound Aug Basra Light OSP, raises heavy OSP from Jul

Singapore — Iraq’s State Oil Marketing Organization cut the official selling price differential for its Basrah Light crude loading in August and bound for Asia from the previous month, while raising the OSP differential for its Basrah Heavy crude, the company said in a notice seen Thursday.

Iraq's SOMO cuts Asia-bound Aug Basra Light OSP, raises heavy OSP from Jul

The company cut the OSP for its Basrah Light bound for Asia by 20 cents/b to a premium of 35 cents/b to Platts Oman/Dubai. The OSP for Basrah Heavy was raised by 50 cents/b to a discount of $2.65/b to Platts Oman/Dubai.

For cargoes bound for Europe, SOMO cut the August OSP for Basrah Light by 15 cents/b from July to a discount of $4.10/b to Dated Brent, and kept the August OSP for Basrah Heavy steady at a discount of $6.95/b to Dated Brent.

Europe-bound Kirkuk crude was raised by 5 cents/b to a discount of $3.85/b to Dated Brent.

For cargoes bound for the US, SOMO kept the August OSP differential for both Basrah Light and Basrah Heavy steady at a discount of 40 cents/b and $2.90/b to ASCI respectively.

US-bound Kirkuk was also kept steady at a premium of 50 cents/b to ASCI.

–Andrew Toh, [email protected]

–Edited by Wendy Wells, [email protected]

Source: S&P Global Platts

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