NIOC announces Iranian crude oil OSP for March

National Iranian Oil Company (NIOC) has set official selling prices (OSP) for Iranian crude oil in March, so that Iran’s light crude oil will be priced $4.35 above the benchmark price (Oman/Dubai crude) for Asian customers.

News ID: ۲۰۰۰۹۲۷

03 March 2025

EghtesadOnline: The prices for various types of Iranian crude oil for the third month of 2025 were announced by the International Affairs Directorate of the company.

Accordingly, Iran’s light crude oil will be offered in Northwest Europe and South African markets at $1.85 above the ICE Brent benchmark in March.

Meanwhile, Iran’s heavy crude oil will be priced $0.05 above the ICE Brent benchmark, and Iran’s Forozan crude oil will be offered at $0.15 above the same benchmark.

In the Mediterranean market, Iran’s light crude oil will be priced $1.95 above the ICE Brent benchmark, while heavy, and Forozan crude oils will be priced $0.15, and $0.05 below the ICE Brent benchmark, respectively.

Notably, the ICE Brent benchmark has been used to price Iranian crude oil in Northwest European markets this month. This benchmark is derived from the weighted average price of Brent crude on the London-based ICE exchange on days when more than 1,000 lots (equivalent to 1 million barrels of oil) are traded.

It is worth noting that this benchmark change has been implemented in the past due to regulatory adjustments or customer preferences and is not unprecedented. / Mehr