SOMO Offers Encouraging Discounts for Basra Medium and Heavy Crude October Shipments

Iraq's State Oil Marketing Organization (SOMO) has offered larger discounts to term buyers, aiming to encourage the uptake of oil shipments scheduled for loading in October. Reports on Wednesday, citing trade sources, indicated that SOMO presented discounts of $34.50 per barrel for Basra Medium crude and $37 per barrel for Basra Heavy crude. These discounts apply on a Free-On-Board (FOB) basis from Iraq's Basra oil terminal or its single point moorings and associated facilities.