Iraqi oil income is set to surge in April as Basrah Light crude to Asia sells at the highest rate in more than a year against Saudi prices and shipments expand. The CHART OF THE DAY shows a tightening discount for Basrah Light, Iraq ’s biggest export, relative to Saudi Arabia ’s Medium grade for Asian customers. Iraq is set to export the most Basrah Light in at least two years next month, at the same time as the grade’s discount to Saudi crude is the narrowest in 17 months. “It looks optimistic for them,” Alexander Poegl, a JBC Energy GmbH analyst in Vienna, said by phone. “They should be on track for a good April. There’s great export capacity available and that will help boost confidence among customers that they’ll get their crude when they want it.” Oil producers in the Persian Gulf sell the bulk of their […]