DME auctions 4m barrels of Iraqi Crude for SOMO

Dubai

Dubai Mercantile Exchange said it hosted its latest Auctions on Wednesday on behalf of Iraq’s National Oil Company, SOMO. This included the first cargo of Basrah Heavy crude sold via DME Auctions.

A 2-million barrel cargo of Basrah Heavy was awarded at a premium of $1.18 over the August Basrah Heavy Official Selling Price (OSP), while a 2-million barrel cargo of Basrah Light was awarded at $0.22 above the August Basrah Light OSP. This was the third cargo of Basrah Light sold via DME.