Iraq Resumes Sale of Basra Oil on DME

Iraq Resumes Sale of Basra Oil on DME

Iraqi state oil marketing company SOMO has sold Basra crude oil on the Dubai Mercantile Exchange (DME) for the first time since January, Reuters reported.

SOMO sold 2 million barrels of Basra Light crude for loading on November 16-17 at 20 cents above its official listing price, the DME said.

Trade sources told Reuters that China’s Unipec won the auction.

Of the 18 companies participating in the auction, the second and third highest bids offered premiums of 19 cents and 15 cents respectively.

SOMO last sold Basra Light through the DME in January.  Then, sales were halted because the company did not have excess oil to offer on the spot market.


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