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NIOC Hikes June Asia-Bound Crude Prices

NIOC Hikes June Asia-Bound Crude PricesNIOC Hikes June Asia-Bound Crude Prices

State-owned National Iranian Oil Company raised the official selling price differentials for all of its crude oil grades loading in June and headed to Asia by 35-65 cents per barrel from May, a company source told S&P Global Platts Monday.
The June Iranian Light OSP differential is now at a premium of $1.65 per barrel to the average of Platts Oman and Dubai crude assessments for June, the highest since August 2018 when it was at a premium of $2 per barrel to Oman/Dubai.
The June Iranian Heavy OSP differential is at a premium of 15 cents per barrel, the highest since July 2014 when it was at a premium of 28 cents per barrel to Oman/Dubai.
June Forouzan crude OSP differential is at a premium of 30 cents per barrel to Oman/Dubai, while the June Soroush crude OSP differential is at a discount of $6.85 per barrel to Oman/Dubai.
Forouzan crude OSP differential was last higher in July 2014 when it was at a premium of 45 cents per barrel to Oman/Dubai, while the Soroush crude OSP differential was last higher in December 2018 when it was at a discount of $5.50 per barrel to Oman/Dubai.
This week, all eyes will be on Beijing's next move as trade tensions between the US and China escalate, potentially impacting trade flows of oil, LNG, petrochemicals and agriculture products.

 

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