Tag Archives | Basra Light crude

Basra Heavy Crude has ‘Limited Appeal’ for US Buyers

By John Lee. Reuters reports that sellers of a new ‘Basra Heavy’ crude oil grade are competing fiercely to win market share on the U.S. Gulf Coast, as the high sulfur content has limited appeal for refiners. The State Oil Marketing Organization (SOMO) began selling the new grade — which has an API gravity of […]

Iraq to Sell Heavy Basra Crude from May

By John Lee. Reuters cites sources as saying that Basra Heavy crude, with an API gravity of 24 degrees, will be sold from May. It will be allocated to companies with technical service contracts, such as Lukoil , Petronas, CNPC, CNOOC, BP, ExxonMobil and Shell. The State Oil Marketing Organization (SOMO) had previously abandoned plans […]

Bigger Discount for Heavy Basra Crude

By John Lee. Iraq is reported to be giving bigger discounts for heavy crude from Basra from January. The State Oil Marketing Organization (SOMO) recently abandoned plans to split its “Basra Light” grade into two grades, light and heavy. Reuters says this latest move is aimed at pacifying buyers who have had to deal with […]

Plans for 2 Crude Export Grades Shelved

By John Lee. Iraq’s State Oil Marketing Organization (SOMO) has reportedly abandoned plans to sell two grades of crude oil from its southern Gulf terminals next year. Platts reports that SOMO informed customers last week that “due to logistical issues” a single type of crude will continue to be marketed in 2015, but with two […]

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 […]