Iraq's State Oil Marketing Organization has cut the May official selling prices of its Basra Light crude destined for the U.S. by $1.75 a barrel and for Europe by $1 a barrel, an Iraqi oil official said Wednesday.
SOMO also cut prices of its Kirkuk crude for May exports to the U.S. and Europe, the official said.
Basra Light crude for delivery to the U.S. in May was set at second-month West Texas Intermediate minus $8.80 a barrel, a cut of $1.75 a barrel from minus $7.05 a barrel in April. The May Kirkuk crude for the U.S. was set at first WTI minus $7.30 a barrel, down $1.65 a barrel from minus $5.65 in April.
The May Basra Light crude OSP for European customers was set at dated Brent minus $7.25 a barrel, a cut of $1 a barrel from minus $6.25 a barrel in April. May Kirkuk crude for Europe was set at dated Brent minus $5.90 a barrel, down $1.20 a barrel from $4.70 a barrel in April.
Basra Light crude for delivery to Asian customers in May was set at Oman/Dubai minus $2.90 a barrel, down $0.50 a barrel from minus $2.40 in April, the official said.