Dec 12 2011 |
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UPDATE: Iran Hikes January Asia Crude OSPs; Limits Rise In Light Price
Monday, Dec 12, 2011
(Adds comparison with rival Saudi Aramco 's pricing in first and third paragraphs, context in fourth paragraph, price table.)
By Gurdeep Singh
Of DOW JONES NEWSWIRES
SINGAPORE (Dow Jones)--Iran followed bigger rival Saudi Arabia's lead Monday by sharply raising January crude-oil prices for Asian buyers, but tempered the hike in the price of its Light crude due to weak naphtha and gasoline cracks.
National Iranian Oil Co. posted the official selling price for Iranian Light at $4.36 above the average of Oman and Dubai price assessments for January term supply to Asia, an increase of $1.62 from the previous month, a company official said Monday.
The hike was smaller than the $1.65 rise in Saudi Arabian Oil Co.'s Arab Light price, narrowing the Iranian Light's premium to its rival to 21 cents from 24 cents in December. The company, known as Saudi Aramco , surprised the market earlier this month with sharply higher prices that were beyond expectations.
NIOC raised the January OSP for Iranian Heavy to $2.74 above Oman-Dubai, matching the $1.65 increase in Saudi Arab Medium crude.
To Asia, as a differential to the Oman-Dubai average:
Crude Jan Dec Change
Iranian Light +4.36 +2.74 +$1.62
Iranian Heavy +2.74 +1.09 +$1.65
Forozan Blend +2.92 +1.24 +$1.68
To Asia, as a differential to Iranian Heavy:
Crude Jan Dec Change
Soroosh -3.89 -3.84 -0.05
Norooz -3.89 -3.84 -0.05
-By Gurdeep Singh, Dow Jones Newswires; 65-6415 4064; gurdeep.singh@dowjones.com
(END) Dow Jones Newswires
12-12-11 0352GMT
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