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Iraq Cuts Down On Well Known Basrah Light Grade Oil Blend

Iraq to stop setting official formula prices for arguably the country's most well-known crude stream, Basrah Light.

According to multiple media reports, Iraq's national oil marketer SOMO would stop setting official formula prices for Basrah Light, the country's most important crude stream.

Buyers began to notice in early October that Basrah Light was not on the list of grades they may designate for the calendar year 2022.

Maintaining specified quality has always been one of Iraq's biggest difficulties when it comes to crude export tactics. Iraq only had Basrah Light as an export stream in the early 2010s, but as output became increasingly heavier, SOMO was forced to segregate Basrah Heavy into a separate grade in 2015.

The newly released Basrah Medium effectively surpassed Basrah Light and became the number one product sold, despite SOMO's enthusiasm in the beginning of 2021 with repeated vows to stick to the stipulated characteristics and maintain a robust supply of lighter barrels.

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