Basra’s Heavy Crude is Improving as Sumo Did Not Send Shipments for loading in January and February at previous Auctions due to Lack of Offers.
A spokesman for the Dubai Mercantile Exchange said on Wednesday that the Iraqi oil marketing company (SOMO) sold 2 million barrels of heavy Basra crude loaded in March at a premium price of 31 cents above the official selling price.
He said the shipment was to be loaded between March 26 and 28 and had no specific destination.
Seventeen of the 20 participants in the auction had bid.
The sale shows that the demand for Basra’s heavy crude is improving as Sumo did not send shipments for loading in January and February at previous auctions due to lack of offers.
Source: IRAQ'S ECONOMIC CENTER
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