Iraq’s state oil marketer SOMO has offered steep discounts on its August-loading Basrah crude to entice buyers to lift cargoes from inside the Strait of Hormuz, a document reviewed by Reuters showed.
SOMO invited term buyers to nominate their contractual volumes of Basrah Medium or Basrah Heavy crude on a free-on-board basis from the Basrah Oil Terminal or Iraq’s single-point moorings and associated facilities, the document showed.
For Basrah Medium, SOMO offered discounts of $25 to $27 a barrel to the relevant destination benchmarks, depending on the loading window. It offered discounts of $27.80 to $29.80 a barrel for Basrah Heavy.
