TEHRAN - National Iranian Oil Company (NIOC) has increased its crude oil selling prices (OSPs) for Asian buyers in May amid a global surge in oil prices, Shana reported.

As reported, NIOC’s official selling prices affected three grades of Iranian oil namely Light, Heavy, and Forouzan.

The NIOC had set the May OSP of Iranian Light grade for Asia at $9.2 a barrel above the Oman/Dubai average, while the prices for Iranian Heavy and Forouzan grades are also set to be $7.95 and $8.05 above the Oman/Dubai average, respectively.

The prices are announced following a surge in international oil prices in recent weeks that has 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 May OSP for its light grade of crude for Asian buyers.

NIOC had previously increased its crude oil selling prices for Asian buyers in April as well.

Earlier in February, Iranian Oil Minister Javad Oji said the global oil market requires Iranian crude oil supply to meet the current demand and maintain balance.

“If world’s oil consumers are dissatisfied with the current oil prices and supply levels, I suggest a quick lifting of the U.S. sanctions against Iran,” Oji said after the 25th OPEC and Non-OPEC Ministerial Meeting.

“The global market needs the increase in Iranian oil supply and we are ready to boost our supply to world markets as soon as possible,” the official added.

EF/MA