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News/Macro

Iraq prices September Basrah Medium crude at $4.00 discount to Asia

A $4.00-per-barrel discount to Asia is Iraq's September official selling price for Basrah Medium crude. Basrah Heavy carries a wider markdown of $7.30 per barrel to Asia for the same delivery month. The spread between the two grades is…

By Reuben Salcedo·Aug 10, 2026·1 min read·macro

Key takeaways

  • Iraq set its September official selling price for Basrah Medium crude at a $4.00-per-barrel discount to Asia.
  • Basrah Heavy carries a wider September discount of $7.30 per barrel to Asia.
  • The spread between the two grades is $3.30 per barrel, with Heavy at the steeper discount.
  • Basrah Heavy's discount is 1.825 times that of Basrah Medium, or 82.5% wider on a per-barrel basis.
  • Both official selling prices apply to Asia-bound September cargoes.

A $4.00-per-barrel discount to Asia is Iraq's September official selling price for Basrah Medium crude. Basrah Heavy carries a wider markdown of $7.30 per barrel to Asia for the same delivery month. The spread between the two grades is $3.30 per barrel, with Heavy priced at the steeper discount.

September OSPs

Grade September OSP vs. Asia
Basrah Medium -$4.00/bbl
Basrah Heavy -$7.30/bbl
Grade spread -$3.30/bbl

The differential in ratio terms

Basrah Heavy's $7.30-per-barrel discount is 1.825 times Basrah Medium's $4.00 discount. Heavy's markdown runs $3.30, or 82.5%, wider than Medium's on a per-barrel basis. Iraq set both official selling prices for Asia-bound September cargoes.

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Frequently asked

What is Iraq's September OSP for Basrah Medium crude?

Iraq priced Basrah Medium at a $4.00-per-barrel discount to Asia for September delivery.

How does Basrah Heavy's September price compare?

Basrah Heavy is set at a $7.30-per-barrel discount to Asia, a steeper markdown than Basrah Medium.

What is the price spread between the two grades?

The spread is $3.30 per barrel, meaning Heavy's discount is 82.5% wider than Medium's.

Which region do these official selling prices target?

Both prices are set for Asia-bound September cargoes.