Iran Changes Oil Pricing Formula In Sign It Prepares For Oil Export Return

The National Iranian Oil Company (NIOC) will change from January 1 the benchmark against which it prices its crude for Europe and the Mediterranean—a move which traders tell Argus could signal Iran’s intention to return to exporting its oil to Europe. As of January 1, 2022, the state-controlled oil firm of the Islamic Republic will use the ICE Brent settlement for pricing the crude it would sell to the European and Mediterranean markets instead of the ICE Bwave benchmark, Argus reported on Monday, quoting NIOC’s January pricing…