BAGHDAD: Iraq raised the price of Basra light crude to US buyers for March by 20 cents to 50 cents per barrel below the Argus (ASCI) benchmark and cut the prices to Asia, the State Oil Marketing Organisation (SOMO) said on Sunday.

The price for Basra light crude for Asian buyers was set at a discount of 60 cents to the average of Oman-Dubai quotes versus a discount of 30 cents for the previous month.

The price of Basra crude for European buyers was set at a discount of $4.60 to the North Sea spot benchmark BFOE versus $4.95 below the benchmark the previous month.