Iran to lower oil prices for Asian market in October

The Iranian state company National Iranian Oil Co. (NIOC) has set a price for Iranian Light oil at a premium of $0.25 a barrel, that is 15 cents more than Saudi Arabian Light. This benchmark will be the lowest price since December 2013.

The Saudi Arabian state oil company Saudi Arabian Oil Co. (Aramco) also reduced the official premium for Arab Light oil for the Asian market ($0.5-$1.3 discount per barrel).