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Sources: Sumo sells Basrah Light crude loading May at fixed cost
Economy News _ Baghdad
The Iraqi oil marketing company (SOMO) sold two million barrels of Basrah Light crude for loading at the end of May at a premium of 56-70 cents a barrel above the official selling price, trade sources said on Wednesday.
A Chinese trader bought the cargo for loading on May 28-30, the sources said.
While the immediate premium remains relatively stable compared to previous deals, the cost of keeping the shipment for one month to June to compete with other shipments has increased to 80 cents per barrel, a trader said.
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