Iraq has slashed pricing for all of its crude grades for sale to Asia and the U.S. for October, this comes after similar reductions by Saudi Arabia and other Gulf producers and further signalling that a global demand rebound is faltering.
Bloomberg reports that Basrah Light crude for buyers in Asia will sell at the lowest level since June as Iraq’s state oil marketing company is cutting the grade to 30 cents a barrel over the regional benchmark, down from a $1.50 premium in September.
- Basrah Heavy to Asia set at $1 a barrel discount
- Iraq also cuts all pricing to the U.S.
- Basrah Light set at 40 cents a barrel premium to benchmark
- Basrah Heavy at a 75-cent discount
- Kirkuk at $1.35 premium
- Iraq is cutting most grades to Europe
- Basrah Light cut to 70 cents-a-barrel discount
- Basrah Heavy discount narrowed to $2.65
- Kirkuk cut to 30 cents-a-barrel premium
Recall that Saudi Arabia, the world’s top oil exporter last week cut the October official selling price for Arab Asia is Saudi Arabia’s largest market by region.