State-owned National Iranian Oil Co increased the July official selling price for its Asia-bound crude grades by $1.65-$1.85/b from June, according to a notice seen by S&P Global Commodity Insights on June 16.

NIOC raised the Iranian Light OSP by $1.85/b to a premium of $6.10/b to Oman/Dubai assessments average, and the Iranian Heavy and Forozan OSPs by $1.65/b and $1.75/b, respectively, to premiums of $4.60/b and $4.70/b. NIOC also hiked the Soroosh grade’s price by $1.65/b to a premium of 95 cents/b to the Oman/Dubai assessments.

NIOC also hiked the OSPs for grades bound for the Mediterranean and Northwest Europe by 95 cents-$1.95/b.
The July OSPs for Iranian Light bound for the Mediterranean and Northwest Europe were up $1.75/b and $1.95/b, respectively, from June to a premium of $1.85/b and $2.30/b against ICE Brent.
The price for NIOC’s Mediterranean-bound cargoes of Iranian Heavy and Forozan crudes were up by 95 cents/b each, while for the grades headed to Northwest Europe the prices were up by $1.15/b each.

NIOC has been pricing its Mediterranean- and Northwest Europe-bound crude against ICE Brent since January, rather than ICE BWave.

NIOC joins national oil companies of Saudi Arabia and Mexico that use ICE Brent, while Algeria, Indonesia, Iraq, Kuwait, Libya, Nigeria and others use Dated Brent.
Source: Reuters