SINGAPORE, June 12 (Reuters) - Iran reduced on Tuesday the
quarterly crude price formulas for three grades it sells to Asia
for the first time in 2012 ahead of Western sanctions targeting
Tehran's oil exports.
The price formulas for Iranian Light, Iranian Heavy and
Forozan Blend to Asia in the third quarter were cut by 2-8 cents
a barrel from the previous quarter, Reuters calculations based
on its latest official selling prices (OSPs) showed.
Iran set the July price for Iranian Light crude at $1.54 a
barrel above Oman/Dubai quotes, up $0.18 a barrel from June, a
source with direct knowledge of the matter said.
This puts Iran Light at 19 cents a barrel above Saudi's
Arab Light crude in the third quarter, down from 21 cents in the
previous quarter, Reuters data showed.
(Reporting by Florence Tan, Editing by Jonathan Thatcher)