The National Iranian Oil Company (NIOC) has increased its crude oil selling prices for Asian buyers in April amid a global surge in oil prices and after rival regional producer Saudi Arabia announced similar hikes earlier this month.
NIOC’s official selling prices (OSPs) announced on Wednesday affected three grades of Iranian Light, Iranian Heavy and Forozan, according to a report by the Oil Ministry’s news service Shana.
The report said the NIOC had set the OSP for April for Iranian Light grade for Asia at $4.70 a barrel above the Oman/Dubai average.
The figure is an increase of $2.05 from Mach.
The OSP for Iranian Heavy and Forozan grades will be $3.65 and $3.75 above the Oman/Dubai average, respectively, said the report. The figures are $1.95 and $2.05 higher than prices announced by NIOC in March.
NIOC’s Soroush grade will be offered for $3.75 below the Iranian Heavy grade benchmark and $0.10 below the Oman/Dubai average, showed tables published in the report.
The tables showed that OSPs of various Iranian oil grades for delivery to customers in North West Europe, in the Mediterranean and in South of Africa region will be between $0.05 and $2.10 below the Brent Crude price.
However, Iranian Light grade for Mediterranean will be offered at $0.20 above the Brent Crude price, said Shana.
The prices are announced following a surge in international oil prices in recent weeks that have been caused by an easing of coronavirus restrictions around the world as well as by a military conflict in Ukraine.
They also come following a similar move by Saudi Arabia’s state oil company Aramco which raised the April OSP for its light grade of crude for Asian buyers.