TEHRAN – Iran has raised its light crude’s official November selling prices for Asia at 80 cents above the Oman/Dubai average for the same month, Reuters reported quoting an industry source with direct knowledge of the matter.

November price is 30 cents higher than the price set for the previous month which was 50 cents above the Oman/Dubai average.
Meanwhile, the country reduced its heavy crude’s official selling price (OSP) for November by 10 cents to fall $1.09 below the Oman/Dubai average for this month.

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

With a 30 cent rise, the price of Iranian light oil for the northwest Europe market is also set $2.65 lower than Brent index for November. 

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.

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

EF/MA