Iraq’s SOMO raised its official selling price differential for August-loading crudes to Asia and to Europe and most grades to North and South America, according to a pricing notice.

The exception was Basrah Medium OSP to North and South America, which was lowered to a discount of $1.15/b against the ASCI for August from a discount of $1.05/b in July.

For Asian buyers, the state marketer set the differential for August-loading Basrah Medium at $1.35/b to the average of Platts Oman/Dubai assessments, up from 30 cents/b in July.

Basrah Heavy to Asia was set at a discount of $1.70/b, up from a discount of $2.70/b in July.

For Europe, the OSP for Basrah Medium increased to minus 55 cents/b to Dated Brent, from minus $1.30/b in July, and Basrah Heavy to minus $3.15/b from minus $3.65/b over the same period. Kirkuk crude to Europe was set at $2.90/b, up from $1.90/b in July.

For North and South America buyers, August Basrah Heavy was set at a discount of $5.10/b for August, up from $5.20/b in July. Kirkuk crude to the region was set at $1.50/b for August, unchanged from July.
Iraq is OPEC’s second biggest producer after Saudi Arabia, and production is going up along with other members of the OPEC+ alliance which also includes Russia.

Iraq’s output quota will climb to 4.171 million b/d in August as part of an OPEC+ agreement announced July 5. Production in June was 4.03 million b/d, according to the latest Platts OPEC+ survey by S&P Global Commodity Insights.
Source: Platts