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OIL: Iran Follows Saudi Arabia With OSP Cut for Asia Customers in July

OIL

National Iranian Oil reduced the OSP of Iranian Light crude to a $2.60/bbl premium to the Oman-Dubai average for July sales to Asia, according to pricing seen by Bloomberg.

  • The Iranian Light OSP in June was +$3.1/bbl.
  • OSPs of other Iranian grades for July to Asia were also reduced:
  • Iranian Heavy down to +$0/8/bbl in July from +$1.10/bbl in June
  • Forozan Blend to $0.9/bbl in July from +$1.25/bbl in June
  • The price cuts for Asian customers follows the reduction in Saudi, Iraqi and Kuwaiti prices earlier this month affecting about 9mbpd of crude bound for Asia, according to Reuters.

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