Iraq makes sharp cut to U.S. oil price – report

Man looks at flames rising from oil refinery pipes in Basra, Iraq July 23, 2020. Picture taken July 23, 2020. (Reuters photo)

SULAIMANI (ESTA) — Iraq cut the price of its banner crude for U.S. customers sharply, Bloomberg News reported on Tuesday.

The Basra Light barrels will be sold at a discount of $1.15 per barrel to a regional benchmark in October for buyers in the Americas, according to a pricing document from the state-oil marketer, Bloomberg said.

The compares with a slight premium – 15 cents a barrel – against the same marker for September, Bloomberg News reported.

Iraq cut prices for buyers everywhere, with exception of Kirkuk barrels sold from a port in the Mediterranean Sea, it reported.

Meanwhile, Reuters said Iraq had set the October price of its Basra Light crude to Asian customers at $0.85, above the average of the Oman and Dubai benchmark crudes, down $1.40 from the previous month.

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