Bloomberg News

Iraq Raises June Basrah Light, Kirkuk Crude Prices to Europe

May 10, 2012

Iraq raised the official selling prices of its Basrah Light and Kirkuk crudes for June delivery to Europe and reduced the differential for Asian buyers, the state marketing agency said.

Basrah Light was set at a discount of $4.50 a barrel to Dated Brent, compared with a discount of $6.10 for this month, according to an e-mailed statement today. It cut the spread for Kirkuk blend to $2.30 a barrel less than the benchmark.

Details of Basrah and Kirkuk crude prices are as follows:

Prices for Asia are expressed as a differential to the average
of Oman and Dubai grades published by Platts, a unit of McGraw-
Hill Cos.

Grade            June          May           Change
Basrah Light     -0.25        +$1.35         -$1.60
-----------------------------------------------------------

Prices for Europe are expressed as a differential to the Dated
Brent average published by Platts.

Grade            June          May            Change
Basrah Light     -$4.50       -$6.10          +$1.60
Kirkuk           -$2.30       -$3.50          +$1.20
-----------------------------------------------------------

Prices for the Americas are expressed as a differential to the
Argus Sour Crude Index published by Argus Media Ltd.

Grade            June          May            Change
Basrah Light     -$1.80       -$1.90          +$0.10
Kirkuk           +$0.50       +$0.35          +$0.15
---------------------------------------------------------------

To contact the reporter on this story: Lananh Nguyen in London at lnguyen35@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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