Dubai: The Dubai Mercantile Exchange said a 2 million barrel cargo of Basrah Light was awarded at a premium of $0.42 (Dh1.54) per barrel over the March 2018 Basrah Light Official Selling Price (OSP) at its latest auction on behalf of Iraq’s National Oil Company, SOMO.

In January 2018, the DME auctioned a total of 6 million barrels for three different crude oil grades — Oman Blend, Basrah Light, and Basrah Heavy. This generated premiums of nearly $2 million.

DME Auctions was launched in 2016 in a bid to provide a transparent spot commodity auction system for the first time in the Middle East.