Iraq’s National Oil Company SOMO Monday sold a 2-million barrel cargo of Basrah Light via DME Auctions, achieving a premium of $0.20 per barrel over the November Basrah Light Official Selling Price (OSP). SOMO increased its Basrah Light OSPs for November-lifting cargoes to Asia to Dubai/Oman +$0.60/b and for Europe to Dated Brent minus $3.75/b. For October-lifting cargoes, OSPs were set at minus $0.15/b and minus $4.00/b, respectively.
The cargo will load from the Basrah terminal on November 16-17, and the tender winner will have the option of taking the VLCC-sized cargo to Asia or Europe. Monday’s auction on the DME Auctions platform attracted 18 different companies. The second highest bid was OSP +$0.19/b and third highest was OSP +$0.15/b.