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Iraq Cuts Oil Prices For The USA And Asia

Iraq Cuts Oil Prices For The USA And Asia 28.09.2020

Iraq Cuts Oil Prices For The USA And Asia

Following Saudi Arabia, Iraq announced a cut in selling prices for all grades of oil for October delivery for sale to Asia and the United States, Bloomberg reports.

It clarifies that the selling prices for Asian buyers for Basrah Light oil will be minimal starting in June - only 0.3 USD per barrel compared to the regional benchmark against a premium of 1.5 USD in September. Basrah Heavy oil will be exported at a discount of 1 USD per barrel.

The U.S. buyers will be able to purchase Basrah Light at 0.4 USD per barrel premium to the regional benchmark, Basrah Heavy is slated to be offered at a 0.75 USD discount, and Kirkuk crude at 1.35 USD per barrel.

In addition to that, Baghdad intends to reduce export prices for buyers from Europe: Basrah Light will be supplied with a discount of 0.7 USD per barrel, Basrah Heavy with a discount of 2.65 USD, and the Kirkuk discount will be reduced to 0.3 USD per barrel.

According to analysts who were interviewed by the agency, the decline in prices for the US buyers and the Gulf countries may indicate a weak recovery in demand. Earlier, Saudi Arabia reduced export prices for oil for buyers from Europe and the United States. The discount was caused by a weak recovery in demand for raw materials, as well as fears of a second wave of coronavirus infection.

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