Iraq 's economy
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2 hours ago
The Iraqi Oil Marketing Company (SOMO) is planning to auction the Dubai Mercantile Exchange (DME) for selling four million barrels of Basrah Light crude on November 26 and 27, sources in the oil sector said.
The sources said the destination of the shipments will be Europe only, and the lowest offer set at one cent above the official sale price of crude, according to Reuters.
That amount of crude may be beneficial to Europe, where Russian ore cargoes from the Baltic Sea ports in November will drop by 17% compared to the previous month.
It may still be difficult to obtain high-level offers, with Basrah Light crude sold in Asia at substantial discounts, sources in the sector said.