TEHRAN - Iran has increased the price of its light crude for Asian customers for the second consecutive month, setting it at approximately $4.5 per barrel above the Oman/Dubai benchmark, the National Iranian Oil Company (NIOC) announced.

According to ISNA, NIOC’s International Affairs Department has set the official selling prices (OSPs) for Iranian crude in March 2025. Iranian Light crude for Northwest Europe and South Africa saw a slight increase from the previous month, priced at $1.85 per barrel above the ICE Bwave benchmark. Iranian Heavy and Forouzan crude in these markets were priced at 5 cents and 15 cents above ICE Bwave, respectively.

In the Mediterranean market, Iranian Heavy and Forouzan crude were priced at 15 cents and 5 cents below ICE Bwave, respectively, while Iranian Light crude was set at $1.95 per barrel above the Brent-weighted average price.

For non-Asian markets, NIOC continued to use the ICE Bwave benchmark, which reflects the weighted average of Brent crude prices on the ICE exchange in London on days when more than 1,000 lots (equivalent to 1 million barrels) are traded.

Since the base price for crude in West Asia is the Oman/Dubai average, Iranian Light crude for Asia in March 2025 is set at $4.35 per barrel above this benchmark, marking a three percent increase from the previous month. Iranian Heavy and Forouzan crude are priced at $2.2 and $2.45 per barrel above the Oman/Dubai benchmark, respectively.

EF/