MARKET EYE: Asian Overhang Weighs on Iraqi Oil Sales

摘要

Slow sales of Iraqs Basrah Light to Asia have depressed spot premiums and may have forced Iraq's oil marketers to slash the grades official selling price (OSP) compared with other key regional markers. Sufficient supplies of Middle East barrels - especially after Saudi Arabia's offer to make extra cargoes available to Asian refiners on request - have helped dampen the Asian spot market. And Basrah Light appears to be moving particularly slowly, according to traders in Singapore, China and Japan. A spot deal done in June for August loading came in at minus 30￠ per barrel to the OSP, traders say. An earlier cargo sold in May for July loading came in at minus 20￠/bbl.