Nicosia - Iran and Iraq have raised the May crude oil prices for its three main export products to all markets, while Kuwait upped its export formula for Far East clients, the Middle East Economic Survey reported Monday. The Cyprus-based weekly publication said that for Asian customers, Iranian Light remained unchanged in relation to the average price of Oman and Dubai crudes for May, while Iranian Heavy and Foroozan were raised by 15 cents a barrel.
For May deliveries to north western Europe and South Africa, all three crudes were raised by 1.35 to 1.80 dollars a barrel in relation to the benchmark Brent Weighted Average (BWAVE).
Iraq also raised its May price formulas, with U.S. customers seeing Basrah Light raised by 3.10 dollars a barrel in relation to benchmark West Texas Intermediate.
For European customers Basra Light was increased by 85 cents a barrel in relation to benchmark Dated Brent, while for Far East customers, Basra Light was raised by 20 cents a barrel from the benchmark Oman/Dubai average.
The Kuwait Export Crude (KEC) price formula for Far East customers in May was raised by 15 cents a barrel in relation to Oman/Dubai, while the first-quarter KEC price formula for European customers was up 15 cents a barrel in relation to BWAVE.
