The prices for various types of Iranian crude oil for the second month of 2025 were announced by the International Affairs Directorate of the NIOC.

Accordingly, Iran’s light crude oil will be offered in Northwest Europe and South African markets at $1.35 below the ICE Brent benchmark in February.

Meanwhile, Iran’s heavy crude oil will be priced $3.15 below the ICE Brent benchmark, and Iran’s Forozan crude oil will be offered at $3.05 below the same benchmark.

In the Mediterranean market, Iran’s light, heavy, and Forozan crude oils will be priced $1.25, $3.35, and $3.25 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.

Price increase for Asian customers

Given that the benchmark price for crude oil in West Asia is based on the average price of Oman/Dubai crude, Iran’s light crude oil will be priced $1.95 above the benchmark for the Asian market in February 2025. Meanwhile, Iran’s heavy and Forozan crude oils will be priced 30 cents and 5 cents below the benchmark, respectively.

Overall, the official selling prices for Iranian crude oil to Asian customers in February 2025 have increased by approximately 0.7% compared to the previous month.

The International Affairs Directorate of the NIOC releases the selling prices for Iranian crude oil on a monthly basis.