Iran officially changes oil prices for Asia

Photo: Iran officially changes oil prices for Asia  / Iran

Baku, Azerbaijan, April 11

By Dalga Khatinoglu/

National Iran Oil Company changed the prices of various crude oils for Asian customers.

According to new prices published on NIOC's website, Iran's official light oil price for Asian buyers was set at $1.81 above Oman/Dubai average quotes at 9:00 a.m. GMT on April 11. Before this time, the figure was $2.66.

The new price for heavy oil is set at 0.51 below Oman/Dubai average quotes, while the previous figure was 00 and Foruzan's blend oil at -0.36, while the previous figure was 1.65 above Oman/Dubai average quotes.

The oils of Soroush and Norouz are quoted as differentials to Iranian heavy oil, each one at -6.20 while the figures were -6.50 before.

Asian countries purchase almost all of Iran's crude oil. Turkey is Iran's only western customer.

For Asia

February (FOB Kharg)

March (FOB Kharg)

Current price (FOB Kharg)

Price index

Light oil

2.66

1.96

1.81

Average

(Oman,Dubai)

Heavy oil

0.00

-0.30

-0.51

Forouzan Blend

0.22

-0.08

-0.36

Soroush

-6.50

-6.20

-6.20

Iran Heavy

Norouz

-6.50

-6.20

-6.20

The changes happened a couple of hours after Reuters quoted a trader saying that on April 11 Iran set the official selling price (OSP) of its light crude oil loading in May to Asian buyers at $2.11 a barrel above the average of Oman/Dubai quotes, up 30 cents from the month before.

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