Bloomberg News

Iraq Raises July Basrah Light Crude Prices to All Markets

June 12, 2011

(Updates with price table after fourth paragraph.)

June 12 (Bloomberg) -- Iraq raised the July prices for its Basrah Light crude oil to customers in all markets, according to an e-mailed statement.

The discount for Basrah Light crude to the U.S. narrowed to $2 less than the Argus Sour Crude Index, making the oil 10 cents a barrel more expensive than in June, Iraq’s State Oil Marketing Organization said today in the statement.

Persian Gulf producers sell most of their crude to refiners under long-term contracts. Most regional state-run oil companies price their crudes at a premium or discount to a benchmark.

The following table gives price differentials to benchmarks for the regions in which Iraq sells, as well as month-on-month changes. Prices are in U.S. dollars a barrel.

--Editors: Bruce Stanley, Marthe Fourcade

To contact the reporters on this story: Anthony DiPaola in Dubai at adipaola@bloomberg.net.

To contact the editors responsible for this story: Stephen Voss on sev@bloomberg.net.


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