Iraq will lower prices for all grades of oil it supplies to Asia and the United States in October, Bloomberg reported. The decision taken by Iraq following Saudi Arabia and other countries of the Persian Gulf, experts regard as another signal of the instability of world oil demand.
The official price of Basrah Light crude for Asian buyers in October will be the lowest since June – a barrel of such oil will cost $ 0.3 more than the regional benchmark. For comparison: in September the premium was $ 1.5.
Basrah Heavy will be sold to Asian buyers for $ 1 below the regional benchmark.
In the US, Basrah Light will ship with a premium to the benchmark of $ 0.4, Basrah Heavy and Kirkuk at discounts of $ 0.75 and $ 1.35, respectively. The price of Basrah Light to Europe will be $ 0.7 below the benchmark, Basrah Heavy – $ 2.65, Kirkuk will be sold at a premium of $ 0.3 per barrel.