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Iraq offers a new shipment of oil for sale through "prepayment"
Economy News - Baghdad
A document revealed, on Thursday, that the Iraqi Oil Marketing Company (SOMO) has offered a total of four million barrels of Basra Light and Medium Crude through immediate bids on January 13th.
Reuters reported, in a report followed by Al-Iktissad News, that it had "seen a document, which showed that the Iraqi Oil Marketing Company (SOMO) offered a total of four million barrels of Basra Light and Medium Crude through immediate bids on January 13th."
The report added, "The total quantity appears to be greater than what the monthly immediate bids of SUMO have seen in recent times."
Two million barrels of Basra Light were offered for loading from the seventh to the ninth of February, and two million barrels of Basra Light crude were offered for loading from 25 to 27 February.
Bids will close on January 18.
Crude shipments have been offered on a free-of-destination basis and are permitted for resale.
Traders say that the SOMO bid will put pressure on the spot market at a time when Asia’s consumption is expected to drop in light of the refinery maintenance season.
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