Iran's NIOC raises May Asia-bound crude OSPs by $4.30-$4.50/b

State-owned National Iranian Oil Co has hiked the May official selling price for all of its Asia-bound crude grades by $4.30-$4.50/b from April, according to a notice seen by S&P Global Commodity Insights on April 13.

NIOC raised the Iranian Light OSP by $4.50/b to a premium of $9.20/b to the average of Oman/Dubai assessments, while Iranian Heavy and Forozan have each been raised by $4.30/b to premiums of $7.95/b and $8.05/b, respectively. Price for Soroosh grade has been hiked by $4.40/b to a premium of $4.30/b to Oman/Dubai.

The May OSP differentials were the highest ever recorded, S&P Global data showed.

For other regions, NIOC increased the OSPs for grades bound for the Mediterranean and Northwest Europe by $1.35-$2.95/b.

The May OSPs for Iranian Light bound for the Mediterranean and Northwest Europe were both raised by $2.95/b from April to $3.15/b and $2.90/b against ICE Brent, respectively.

Since January, NIOC has been pricing its Mediterranean- and Northwest Europe-bound crude against ICE Brent as opposed to ICE BWAVE.

NIOC joins Saudi Arabia and Mexico as countries whose national oil company uses ICE Brent, whereas Algeria, Indonesia, Iraq, Kuwait, Libya, Nigeria and others use Dated Brent.

Iran's Asia OSPs ($/b):

Iran's Med OSPs ($/b):

Iran's NWE OSPs ($/b):