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Iran’s NIOC raises prices for September crude deliveries

Iran’s state oil company NIOC raises September crude oil prices for Asian and European customers.

The National Iranian Oil Company (NIOC) has raised its crude oil prices for deliveries to Asian and European customers in September.

NIOC’s international affairs department published a table on Sunday that showed the state-run company had increased its official selling price (OSP) for various Iranian crude oil grades.

The table showed that NIOC’s Light grade will be available to Asian buyers in September at $9.50 above the Oman/Dubai average. The price will be $0.60 higher than prices declared for August deliveries.

The OSPs for Iranian Heavy and Forozan crude oil grades for September deliveries to Asian customers will be respectively $6.30 and $6.40 above the Oman/Dubai average, showed the table. The prices will be up $0.70 and $0.75, respectively, compared with August prices.

The Oman/Dubai average is the basic price for oil trading in the Western Asia region.

The NIOC table showed that Iran’s Soroush oil grade will be offered to Asian customers at an OSP of $4.05 below Iran’s Heavy grade price for September.

The company said Iranian Light grade will be sold to customers in northwest Europe in September at $2.65 above the ICE Brent price. It added that September’s OSP for Heavy and Forouzan grades will be $0.9 and $1 below the benchmark ICE Brent price.

Iran has seen a major increase in its crude oil exports over the past year despite a strict regime of American sanctions that has been in place since 2018 with the aim of choking off the country’s oil revenues.

Reports suggest a bulk of Iranian oil shipments in recent months have been delivered to private refiners in China.  

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