Iraq’s SOMO sold a further 2 million barrels of Basra crude for loading in mid-November via auctions on the Dubai Mercantile Exchange (DME) on Wednesday, three industry sources said.
SOMO has sold 1 million barrels of Basra Heavy for loading November 16-18 at 11 cents a barrel above its official selling price.
It also sold 1 million barrels of Basra Light loading on the same dates at 18 cents a barrel above its OSP, slightly weaker than the previous auction on Monday.
The buyers would have the option of sending the oil to Asia or Europe, the sources said “It looks like SOMO has extra quantity of oil to sell,” said another source who participates in the market.
On Monday SOMO sold 2 million barrels of Basra Light to Unipec via the DME at 20 cents a barrel above its OSP, resuming oil auctions on the exchange after a nine-month hiatus.