SULAIMANI (ESTA) — Iraq has set the December official selling price (OSP) for Basra Light crude to Asia at 45 cents a barrel above the average of Oman/Dubai quotes, up 15 cents from the previous month, according to a pricing document seen by Reuters on Tuesday.
Basra Heavy to Asia in December was priced at minus 95 cents to the average of Oman/Dubai quotes, up 10 cents from the previous month, Reuters reported.
Iraq exported about 2.77 million barrels per day of Basra crude in October and it is the second-largest producer in the Organization of the Petroleum Exporting Countries.
Iraq which relies almost entirely on oil for state revenue has been hit hard by low oil prices during the coronavirus crisis and has cut exports in line with OPEC+ production cuts.
Iraq’s Oil Marketing Company (SOMO) had notified clients that it planned to launch a third crude oil export grade called Basra Medium in January, Reuters cited two sources with knowledge of the matter as saying.
The new medium-sour crude will be created by splitting the existing Basra Light production into two grades, according to the sources and a copy of the Nov. 2 notice reviewed by Reuters.
