NIOC Raises July Crude Prices

State-owned National Iranian Oil Company raised the official selling price differentials for all its crude oil grades loading in July from Kharg Island and bound for Asia from the previous month, a company source said on Monday. The July official selling price differential for Iranian Light crude was raised by 20 cents per barrel from June to a premium of $2.20 per barrel to the average of Platts Oman/Dubai crude assessments in July, Platts reported. The term "Platts Oman/Dubai" refers to the physical price of Oman/Dubai crude oil loading through the month of assessment. This is the highest the Iranian Light crude OSP differential has been since August 2014, when it was at a premium of $2.30 per barrel to Platts Oman/Dubai. The Iranian Heavy crude and the Forouzan crude OSP differential was raised by 35 and 36 cents per barrel to Platts Oman/Dubai respectively. The Soroush OSP differential was raised by 55 cents per barrel to a discount of $4.75 per barrel against Oman/Dubai.