Somo ... raising OSP
Iraq raises official crude oil prices to Asia, cuts to US
LONDON, November 11, 2014
Iraq has raised its official selling price (OSP) to Asia in December for its main crude oil export grade, Basrah light, but cut the OSP to the US, the state oil marketing company said.
Iraqi state oil marketer Somo raised the Basrah Light crude OSP to Asia in December to minus $2.50 a barrel versus the Dubai/Oman average from minus $3.15 a barrel in November.
Somo cut the Basrah Light OSP to the US in December to ASCI minus 10 cents a barrel from ASCI plus 40 cents a barrel in November.
The direction of both moves mirrored those by Saudi Arabia, which raised prices to Asia while cutting them to the United States last week. -- Reuters
