Iraq Raises October Crude Prices to US, Asia, Cuts Europe

Iraq has raised the official selling prices of its Basra Light and Kirkuk crude to customers in the U.S. and Asia and cut the prices for buyers in Europe , the State Oil Marketing Organization, or SOMO, said Thursday.

The price of Basra Light for delivery to U.S. buyers in October was raised $0.20 a barrel to $1.65 a barrel below the Argus Sour Crude Index, or ASCI. It was $1.85 a barrel below ASCI in September, SOMO said in a statement emailed to Dow Jones Newswires.

Basra Light crude's October delivery price to customers in Europe was cut by $1.05 a barrel to $3.80 a barrel below dated Brent. In September it was $2.75 a barrel below dated Brent, it said.

The October price of Basra Light to buyers in Asia was raised by $0.65 a barrel above the average Oman and Dubai quotes. It was $0.15 a barrel above Oman/Dubai quotes in the previous month, it added.

Kirkuk crude destined for the U.S. market in October was raised $0.20 a barrel to $1.40 a barrel above ASCI compared with $1.20 a barrel above ASCI the previous month.

For European customers, the October price of Kirkuk crude was cut by $0.40 a barrel to $2.30 a barrel below dated Brent. In September it was $1.90 a barrel below dated Brent, SOMO said.