Iran, the second-largest producer in the Organization of Petroleum Exporting Countries, cut the price of crude supplies loading in February to Asia relative to benchmark levels, said an official at National Iranian Oil Co., Bloomberg reported.
NIOC lowered Iranian Light (AOSPLTAS) exports to a premium of $2.26 a barrel above the average of Dubai and Oman oil, said the official, who asked not to be named, citing company policy. That compares with $4.36 for January. Iran Heavy, Forozan, Norooz and Soroosh were also lowered.
The Persian Gulf nation has threatened to block the Strait of Hormuz in response to U.S. and European sanctions aimed at reducing Iranian oil revenues. The waterway carries 17 million barrels of crude a day, according to the U.S. Energy Department, almost 20 percent of global consumption.
U.S. Treasury Secretary Timothy F. Geithner is visiting China and Japan this week to seek support for sanctions against Iran and lobby for a curtailment of crude purchases from the country.
The Asian nations are the largest importers of Iranian oil, with China accounting for 22 percent and Japan buying 14 percent during the first half of last year, according to the U.S. Energy Information Administration.
Edited by: S. Isayev