Iraq has set floor prices for its Basrah Medium oil offered via a tender for loading in September from outside the Strait of Hormuz, Reuters reports, citing a tender document.

Iraq’s national oil company Somo is asking participants in its tender, issued last month, for a premium over the destination market benchmark, the document shows, and a trade source confirmed.

For September 1 to 10 lifting Somo is asking for a minimum premium of 20 cents per barrel over the destination market benchmark, and for September 11 to 30 loading cargoes a floor of $3 per barrel premium has been set, the document shows.

Participants have to place revised offers within a day, the trade source said.