Sale of heavy Basra oil at a high premium


Release date: 2019/2/20 11:53

The National Oil Marketing Company (SOMO) sold 1 million barrels of Basra heavy crude for loading March 27-31 at a higher premium than the previous bid, trade sources said on Wednesday.

The shipment was sold to China Oil at a premium of $ 1.40-1.50 per barrel above the official sale price of crude to Asia, the sources said.

The sources said that Sumo did not allocate any amount of Basra heavy crude to the owners of technical service contracts and that means that no company, except Sumo, shipments resold in the spot market.

US sanctions on Iran, Venezuela and production cuts by the Organization of the Petroleum Exporting Countries (OPEC) have also caused a shortage of heavy crude supplies worldwide.

In the previous tender, Sumo sold 2 million barrels of Basra heavy crude for March to SK Energy at a premium of $ 1.10 a barrel above the official sale price of crude to Asia.

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