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Iraq plans to change the benchmark price of Basra crude to the Dubai Mercantile Exchange
economy From 2017-08-21 at 17:34 (Baghdad time)
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Iraq's Oil Marketing Company (SOMO) has informed its customers that it plans to change the benchmark price of Basra crude in Asia to the price of Omani crude oil futures on the Dubai Mercantile Exchange from the average price of Dubai and Oman crude on the Platts platform from January 2018, sources familiar with the deal said on Monday.
The proposed change represents a major shift from OPEC's second-largest producer, Iraq, to the norm for decades, along with other members of the Organization such as Saudi Arabia, Kuwait and Iran, based on the ratings of Standard & Poor's Global Plats for pricing their raw materials.
This will apply to about two million barrels of crude per day or nearly two-thirds of Iraqi crude exports from the southern port of Basra.
"The Iraqis are likely to have a benchmark," said a Singapore oil trader, referring to Saudi Arabia's role in setting prices in the region.
Saudi Arabia, the world's largest exporter of crude, has set a pricing trend for Iranian, Kuwaiti and Iraqi oil, affecting more than 12 million barrels of crude destined for Asia per day.
Commercial sources said Somo's speech would launch a consultation round between the company and its customers, adding details of the possible change were still unclear.
Sumo could not be reached for comment.
Since April, Iraq has been selling a shipment or two of Basra's crude per month through an auction platform on the Dubai Mercantile Exchange as a way to explore the price.
The Dubai Mercantile Exchange (DME) launched the Oman Oman crude futures contract in 2007.
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economy From 2017-08-21 at 17:34 (Baghdad time)
Follow Mawazine News
Iraq's Oil Marketing Company (SOMO) has informed its customers that it plans to change the benchmark price of Basra crude in Asia to the price of Omani crude oil futures on the Dubai Mercantile Exchange from the average price of Dubai and Oman crude on the Platts platform from January 2018, sources familiar with the deal said on Monday.
The proposed change represents a major shift from OPEC's second-largest producer, Iraq, to the norm for decades, along with other members of the Organization such as Saudi Arabia, Kuwait and Iran, based on the ratings of Standard & Poor's Global Plats for pricing their raw materials.
This will apply to about two million barrels of crude per day or nearly two-thirds of Iraqi crude exports from the southern port of Basra.
"The Iraqis are likely to have a benchmark," said a Singapore oil trader, referring to Saudi Arabia's role in setting prices in the region.
Saudi Arabia, the world's largest exporter of crude, has set a pricing trend for Iranian, Kuwaiti and Iraqi oil, affecting more than 12 million barrels of crude destined for Asia per day.
Commercial sources said Somo's speech would launch a consultation round between the company and its customers, adding details of the possible change were still unclear.
Sumo could not be reached for comment.
Since April, Iraq has been selling a shipment or two of Basra's crude per month through an auction platform on the Dubai Mercantile Exchange as a way to explore the price.
The Dubai Mercantile Exchange (DME) launched the Oman Oman crude futures contract in 2007.
is over
[You must be registered and logged in to see this link.]
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