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Iraq ups Basra July crude prices to all buyers

June 10, 2012 5:52 by Reuters

Iraq raised the price of its Basra light crude to U.S. buyers for July by 15 cents to $1.65 per barrel below the Argus (ASCI) benchmark and lifted prices to Europe and Asia as well, the State Oil Marketing Organisation (SOMO) said on Sunday.

The price for Basra light crude for Asian buyers was set at a premium of 30 cents to the average of Oman/Dubai quotes versus a discount of 25 cents for the previous month.

The price of Basra crude for European buyers was set at a discount of $4.40 to the North Sea spot benchmark BFOE versus $4.50 below the benchmark the previous month.

The July official selling price for Kirkuk crude for U.S. refiners was set at a premium of 45 cents to the ASCI benchmark, compared to a premium of 50 cents to the benchmark the previous month.

Basra Light Crude July June U.S buyers (vs. benchmark ASCI) -1.65 -1.80 European buyers (vs. North Sea spot BFOE) -4.40 -4.50 Asian buyers (vs. Oman/Dubai average) +0.30 -0.25 Kirkuk Crude U.S buyers (vs. ASCI) +0.45 +0.50 European buyers (vs. BFOE) -2.55 -2.30

(Reporting by Ahmed Rasheed; Editing by Mark Potter)

Tags: ASCI benchmark, Basra light crude, Iraq, OSP, SOMO, US

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