Iraq Ups Oil Prices for US and Asia, Drops Prices for Europe

Iraq’s State Oil Marketing Organisation (SOMO) has raised the official selling prices for its Basra Light and Kirkuk crude grades for October loading to the U.S. and Asia, but dropped prices to Europe.

In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices:

  • For shipments to US, contracts are priced are relative to the Argus Sour Crude Index (ASCI);
  • Shipments to Europe are priced relative the North Sea Spot BFOE; and
  • Asian shipmentas are priced relative to the Dubai-Oman crude benchmark, published by Platts, the energy-information division of McGraw-Hill.

November prices are as follows:

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