Investing.com -- Iraq increased its September official selling price for Basra Medium crude oil destined for Asia to minus $4 per barrel versus the Oman/Dubai average, according to state oil marketer SOMO on Monday. The price represents an increase from August's level of minus $6.50 per barrel.

SOMO also set the September Basra Medium crude official selling price to Europe at minus $4.85 per barrel against Dated Brent.

For shipments to North and South America, Iraq established the September price at plus $5.10 per barrel versus ASCI.

The price adjustments apply to Iraq's Basra Medium crude grade, which is marketed by the state-owned Iraqi oil company across three major global regions.