TEHRAN – Iran has raised its light crude’s official October selling prices for Asia by $0.48 to set 50 cents above the Oman/Dubai average for the same month, Reuters reported quoting an industry source with direct knowledge of the matter.

Last month, OPEC’s third largest oil producer changed the pricing formula for its Soroush grade in a way that it is now priced against the Oman/Dubai average.

According to a report by oilprice.com, Iran’s crude oil exports increased by 9.3 percent in August to reach 2.135 million barrels per day (bpd).

Aa the report stated, Iranian crude oil exports rose by 182,000 bpd in August from July. 

The increases came at a time when most of the OPEC members cut their daily crude exports.

After the implementation of the nuclear accord (called JCPOA) in January 2016, Iran has been seeking to expand its target markets. Since then, oil exports to Europe have risen by more than 300 percent.

Also, according to the latest data released by Reuters, Iranian crude oil production increased by 10,000 bpd in August from July.

Exempted from the OPEC, non-OPEC curbs, Iran has increased its crude output to 3.79 million bpd in August from 3.78 million bpd in July.

EF/MA