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Iraq offers March Basra crude with unusual pricing term - sources The tenders will close on February 12

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Iraq offers March Basra crude with unusual pricing term - sources The tenders will close on February 12

Post by GirlBye on Fri Feb 08, 2019 12:07 pm

By Florence Tan, Reuters News


* Iraq's Oil Marketing Company (SOMO) has issued two tenders to sell 2 million barrels each of Basra Light and Basra Heavy crude for March loading that came with an unusual pricing condition, three trade sources said on Friday.

* Buyers will have to submit bids at premiums to Asia's Basra official selling price (OSP) for the cargoes that can be send anywhere in the world, they said

* Such cargoes, also known as destination-free cargoes, are typically priced at differentials to the Basra OSP in the region that they are delivered to * Buyers would have to work out and take on risks for converting the benchmarks to that of other regions, the sources said

* The tender would also enable SOMO to assess which other region would be able to pay more than the Asia's OSP which is usually the highest, one of them said

* The tenders will close on Feb. 12

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