Iran makes deep cut to Sep crude prices to Asia

Iran has made deep cuts in September crude prices for refiners in Asia, and smaller cuts to buyers in northwest Europe, a source at the National Iranian Oil Co (NIOC) said on Tuesday.

The cuts were expected after top oil exporter Saudi Arabia chopped the September price of its rival Arab Light and Arab Medium grades by more than expected last week.

OPEC's second-largest exporter has cut prices to Asia for Iranian Light by $1.75 a barrel, while Iran Heavy and Forozan were both cut by more than a dollar.

Buyers in Northwest Europe saw cuts of 65-70 cents, while lifters from Egypt's Sidi Kerir saw prices fall 5-20 cents.

Mediterranean buyers faced increases of 25-40 cents.