Next May, the price of a barrel of Iranian oil destined for Asia will increase by about $0.3 compared to the current month of April, with the same value by which Saudi Aramco increased its shipments during the next month.
And the National Iranian Oil Company announced the official selling prices for shipments for the month of May, to its customers in the Asian, Middle Eastern and European markets, according to a price document seen by the specialized energy platform.
The company raised the price of Iranian light oil in April by about 30 cents, at $2.8 above the Amman/Dubai average, compared to April shipments, which were only $2.5.
The price of Iranian heavy crude destined for Asia rose by about $0.20 to $1.45 above the Dubai/Oman average over the next month, compared to April shipments, which were $1.25 above the Dubai average.
And the Iranian Oil Company decided to increase the prices of Forouzan crude shipments to Asia during May by about $0.20, to record $1.35 above the Dubai/Oman average, compared to $1.15 in April, according to a pricing document seen by the specialized energy platform.
Iranian oil price in may
The National Oil Company has informed its customers in Europe, the Middle East and Africa of raising Iranian oil prices next May.
Iranian light crude shipments are scheduled to record about $0.65, $1.10, and $0.65 below the Brent average for the three markets, respectively, down $0.10, compared to $0.75, $1.20, and $0.75 below the Brent average in April.
Tehran decided to raise the selling price of heavy crude oil by about 10 cents to European markets at $2.20 below the average Brent crude, the Middle East at $2.70 below the average Brent crude, and Africa at $2.20 below the average Brent crude, compared to the prices of April shipments that were recorded. To the markets of Europe, $2.30 below the Brent average, the Middle East at $2.80 below the Brent average, and Africa at $2.30 below the Brent average.
And the Iranian Oil Company announced an increase in the prices of Forouzan crude shipments during May, about $0.15 to Europe and Africa, to $2.25 below average Brent crude, compared to $2.40 below Brent crude in April.
Saudi Aramco prices
In early April, Saudi Aramco announced the official prices for selling shipments of Arab Light crude to its customers in Asia, Europe and the United States, during the next month of May (2023).
The company raised Saudi Arabia’s official selling prices for Arab Light crude to Asia by 30 US cents to $2.80 per barrel, above the Oman/Dubai average, according to the pricing document seen by the specialized energy platform.
The decisions to raise prices by Saudi Arabia, Iran and the countries of the Middle East come after the additional reduction announced by the OPEC + alliance, which will lead to tightening of supply and imposing upward pressure on crude oil prices from the Middle East.
This comes amid expectations of an increase in Chinese demand, especially with the lack of supply in the oil markets during the month of May 2023, with the entry into force of the additional production cut of the OPEC + coalition countries.
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