November 13, 2017 / 3:03 AM / 4 months ago

UPDATE 1-Iraq raises Dec Basra Light crude prices to Asia, Europe

    * Dec Basra Light OSP to Americas set at ASCI plus 20 cents a barrel
    * In Asia, Dec OSP for Basra Light at 10 cents/barrel above Oman/Dubai

 (Recasts, adds detail)
    SINGAPORE, Nov 13 (Reuters) - Iraq has raised the December official selling
prices (OSPs) for its crude oil sales to Asia and Europe, but trimmed the Basra
Light crude price for the United States after demand slowed.
    The December Basra Light OSP to the North and South American markets was set
at the Argus Sour Crude Index (ASCI) plus 20 cents a barrel, down 15 cents from
the previous month, the State Oil Marketing Organization (SOMO) said on Sunday.
    Basra crude loadings for the United States fell to multi-month lows in
October and November after U.S. refiners turned to more competitively priced
supplies produced in the Americas.             
    In Asia, the December OSP for Basra Light crude rose by 35 cents to 10 cents
a barrel above the average of Oman/Dubai quotes, while the OSP for Basra Heavy
increased by 45 cents from the previous month.
    These hikes, much smaller than the 65-cent increase seen for similar-quality
Saudi Arab Medium, could support December spot trade, traders said, depending on
the month's export volume.
    SOMO typically informs its customers how much they can lift in the month
after announcing monthly prices.
    For Europe, the December OSP for Basra Light rose by $0.25 to dated Brent
minus $2.80 a barrel and the December Kirkuk OSP rose to minus $2.75.
The following table shows the latest OSPs (prices for previous month in
                 Americas         Europe            Far East
                 (ASCI)           (Dated Brent)     (Oman/Dubai)
Basra Light      +0.20 (+0.35)     -2.80 (-3.05)     +0.10 (-0.25)
Kirkuk           +0.85 (+1.10)     -2.75 (-2.85)     ‫‪N/A (‫‪N/A)
Basra Heavy      -2.85 (-2.85)     -5.85 (-6.30)     -3.40 (-3.85)

 (Reporting by Florence Tan; Editing by Joseph Radford)
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