Iraq may adopt new oil pricing benchmark
Baghdad, January 9, 2010
Iraq is likely to switch the benchmark for pricing of its crude exports to the United States to a sour crude index from Nymex US light sweet crude futures, according to the head of state oil marketing.
'Probably,' Falah Alamri, head of Iraq's State Oil Marketing Organisation, said when asked if Iraq would make the shift. 'It is under consideration and we hope to take a decision this month or next month,' he added.
US refiners are lobbying Iraq to make the switch to use the Argus Sour Crude Index for pricing, following moves by Saudi Arabia and Kuwait.-Reuters