NewsMeter
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.
Keep reading