Iraq failed to sell a cargo of two million barrels of Basra Heavy during an auction on the Dubai Mercantile Exchange yesterday, Reuters reports.

Iraq’s Oil Marketing Company (SOMO) did not receive any bids for the shipment, according to the news agency.

The minimum bid for the crude was the official selling price (OSP) plus $0.01, according to Hellenic Shipping News.

The crude would have been shipped in February and was designated for the Asian market, according to Reuters.

Earlier this week, Reuters reported that Iraq would be attempting to auction up to four million barrels of Basra crude this week.