Iran Cuts Asia-Bound Crude OSPs
State-owned National Iranian Oil Company has cut the official selling price differentials for all its four crude grades loading in January from Kharg Island and bound for Asia, a company source told S&P Global Platts Tuesday.
January Iranian Light has been cut $1 per barrel from December, and now stands at a premium of $0.30/b to the average of Platts' Oman and Dubai crude assessments for January.
This is the lowest price differential for Iran Light to Asia in more than a year. It was previously lower at 2 cents/b in September 2017, Platts data showed.
NIOC has also cut the differentials for Iranian Heavy and Forozan crudes to Asia in January by $0.75/b each. The Iran Heavy OSP price differential for January now stands at minus $1.30/b while Forozan is at minus $1.15/b to Oman/Dubai.
The Iran Heavy differential was previously lower in May this year at minus $1.50/b.
Forozan was last lower in the same month, at minus $1.21/b.
NIOC cut its Asian OSP differential for Soroosh the most in January, going down $1.90/b month on month to a discount of $7.40/b for the grade. The Soroosh differential was previously this low in December 2009, at a discount of $7.54/b.
However, the Soroosh OSP to Asia was priced as a differential to Iran Heavy at that time. The pricing basis of the OSP for Asia-bound Soroosh blend was changed from Iran Heavy to the average of Platts Oman/Dubai crude assessments since September 2017.
This makes the Soroosh OSP differential to Asia in January 2018 the lowest it has ever been against Oman/Dubai.
source: Financial Tribune
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