A $4.00-per-barrel discount to Asia is Iraq's September official selling price for Basrah Medium crude. Basrah Heavy carries a wider markdown of $7.30 per barrel to Asia for the same delivery month. The spread between the two grades is $3.30 per barrel, with Heavy priced at the steeper discount.
September OSPs
| Grade | September OSP vs. Asia |
|---|---|
| Basrah Medium | -$4.00/bbl |
| Basrah Heavy | -$7.30/bbl |
| Grade spread | -$3.30/bbl |
The differential in ratio terms
Basrah Heavy's $7.30-per-barrel discount is 1.825 times Basrah Medium's $4.00 discount. Heavy's markdown runs $3.30, or 82.5%, wider than Medium's on a per-barrel basis. Iraq set both official selling prices for Asia-bound September cargoes.