Iraq Narrows Oil Discount to Asia

By John Lee.

Iraq’s State Oil Marketing Organisation (SOMO) has narrowed the discount for April crude deliveries to Asian buyers by the most since November 2011, according to Bloomberg.

Asian shipmentas are priced relative to the Dubai-Oman crude benchmark, published by Platts, the energy-information division of McGraw-Hill.

Basrah Light to Asia will sell at a discount of $2.80 to the benchmark, up from a discount of $4.10 last month.

(Source: Bloomberg)

(Oil image via Shutterstock)