Iraq’s Plan To Change Oil Pricing For Asia Faces Resistance

Buyers do not support Iraq’s plan to change the way it prices
its Basra crude for the Asian markets, because longer lead times
between pricing and delivery would make it more difficult to hedge
against price changes, Reuters reported on Friday, citing sources
and market analysts.   In a bid to increase oil revenues and
possibly setting the stage for its own benchmark crude grade, Iraq
told customers earlier this week that it might change the way it
prices Basra crude for the Asian market. According to a letter by
Iraq’s state oil…

Buyers do not support Iraq’s plan to change the way it prices
its Basra crude for the Asian markets, because longer lead times
between pricing and delivery would make it more difficult to hedge
against price changes, Reuters reported on Friday, citing sources
and market analysts.   In a bid to increase oil revenues and
possibly setting the stage for its own benchmark crude grade, Iraq
told customers earlier this week that it might change the way it
prices Basra crude for the Asian market. According to a letter by
Iraq’s state oil…