Iraq's SOMO hikes July Asia Basra Light OSP by $0.20/b, Europe OSPs higher

London (Quantum Commodity Intelligence) -  Iraq's State Oil Marketing Organization has mostly increased its July Official Selling Prices for Asian and European buyers, while cutting OSPs in the US, SOMO informed customers Thursday.

SOMO set the OSP for its flagship Basra Light grade at Dubai/Oman +$1.45/b to Asia, up $0.20/b from June.

Basra Medium to Asia was hiked $0.15/b to Platts Dubai/Oman and set at +$0.55/b, while Basra Heavy was cut by $0.10/b to Dubai/Oman at -$1.40/b.

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

Earlier this month, Saudi Aramco's flagship Arab Light grade was hiked by $0.20/barrel to +$1.90/b for July loading, while Arab Medium was increased by $0.10/b to +$1.35/b.

SOMO sets its European bound cargoes versus Platts Dated Brent.

It increased its Basra Light price by $0.40/b to Dated at -$2.85/b.

Basra Medium was increased by $0.24 to -$4.15/b and Basra Heavy by $0.15/b to -$5.60/b.

Basra Light for US was cut $0.10/b to (Argus) ASCI +$0.20/b, Basra Medium down $0.10/b to ASCI minus $0.45/b and Basra Heavy was cut $0.15/b to ASCI minus $1.55/b.

Oil prices remain firm with Asia benchmark Dubai crude for August delivery assessed at $70.65/b on June 10, while the market structure widened to a 17-month high of $1.10/b (Aug/Sep) on expectations of tightening supply/demand fundamentals in Q3.