Iraq's State Oil Marketing Organization (SOMO) has announced raising the Official Selling Price (OSP) of its crude for cargoes loading in March and bound to Asia, Europe and the US.
In a notice on Wednesday, SOMO declared increasing the OSP differentials for both Basrah Light and Basrah Heavy Asia-bound crudes loading in March by 30 cents/b from February.
The Asia Basrah Light OSP differential is now up to a premium of 30 cents/b over the mean of Platts Oman/Dubai crude assessments in March, while the Basrah Heavy OSP differential is now at minus $2.70/b over Oman/Dubai.
SOMO also raised price differentials for its Europe-bound three crude grades in March.
The Europe-bound Basrah Light OSP differential is up 55 cents/b from February to a discount of $2.65/b to Dated Brent, while Basrah Heavy is up 70 cents/b from February to a discount of $5.30/b in March.
The Europe-bound Kirkuk OSP has also been raised 50 cents/b from February to a discount of $2/b over Dated Brent.
For Iraqi crudes loading in March and bound to the Americas, SOMO has raised both Basrah Light and Heavy by 30 cents/b each from February, bringing the OSP differentials to $1.35/b and minus $1.20/b, respectively, against the Argus Sour Crude Index, or ASCI.
However, SOMO maintained its US-bound Kirkuk grade OSP differential at a premium of 5 cents/b in March.