Iraq's SOMO hikes Asia Basra Light OSP by $0.50/b, cuts US/Europe OSPs

London (Quantum Commodity Intelligence) —  Iraq's State Oil Marketing Organization has increase its May Official Selling Prices for Asian buyers while cutting OSPs for customers in Europe and the US, according to reports Monday.

SOMO set the OSP for its flagship Basra Light grade at Dubai/Oman +$1.40/b to Asia, up $0.10/b from April.

Basra Medium to Asia was hiked $0.50/b to Dubai/Oman +$0.60/b, reflecting the grades growing popularity among Asian refiners, particularly Chinese buyers, while Basra Heavy was also increased by $0.50/b to Dubai/Oman minus $0.90/b.

Basra Light directionally follows Saudi Arab Medium, which is a similar-quality grade.

Saudi Aramco increased Arab Medium by $0.50/b for May, set at Dubai/Oman +$1.45.

SOMO sells Europe-bound cargoes against Dated Brent and cut Basra Light by $0.50/b to minus $3.00/b, Basra Medium by $0.19 to minus $3.94/b and Basra Heavy by $0.05/b to minus $5.35/b.

Basrah Light for US was cut $0.10/b to ASCI +$0.15/b, Basra Medium down $0.05/b to ASCI minus $0.45/b and Basra Heavy was cut $0.10/b to ASCI minus $1.70/b.