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Report: Iran reduces heavy crude price

Press TV - Iran has reportedly increased the discount on its heavy crude exports to about four dollars, the highest rate in the past nine years.

The Islamic Republic cut the Official Selling Price (OSP) of its heavy crude by 47 cents per barrel to a discount of $3.92, Reuters quoted an unnamed Iranian state oil company official as saying.

Kuwait also raised its crude discount by 40 cents per barrel to $4.20, the highest since late 1998, the report said. Saudi Arabia cut its Arab Medium OSP by 35 cents last week to a $3.70 discount.

Analysts say the discounts will not be beneficial for simple refiners who cannot convert heavy crude into higher value fuels.

The discounts also highlight a growing split between amply supplied fuel oil and a tight market for products like diesel, which is causing light and heavy crude prices to diverge.

... Payvand News - 06/12/08 ... --

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