Basra Light Crude may Split into 2 Grades

By John Lee.

The Iraqi State Oil Marketing Organization (SOMO) has proposed splitting its Basra Light crude supply into two grades.

Reuters cites trade sources as saying that SOMO and has requested feedback on the proposal by the end of the week from buyers in Asia.

Iraq now plans to offer two grades of crude for exports from its southern terminals: “light” with an API gravity of 29 degrees, and “heavy” with an API gravity of 24-25 degrees.

SOMO would set monthly official selling prices (OSPs) for each grade.

(Source: Reuters)

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