State Oil Marketing Organization (SOMO) sold 500,000 barrels of Qayara crude oil at a “significant” discount to the American refining company Valero Energy, according to what Iraqi sources revealed.
The sources explained that SOMO sold 500,000 barrels out of two million barrels that were offered through a tender on a specialized platform late last night.
The sources said that the shipment is scheduled to be loaded between October 8 and 10, and was sold at a discount of $28.30 per barrel to the average prices of Oman and Dubai crude oil, and on a free-on-board (FOB) basis in Basra Governorate.
The sources also indicated that 1.5 million barrels of Qayyarah crude remained and were not sold during the tenders.
Iraq’s offer for immediate loading of Qayyarah crude comes at a time when Asian buyers have already completed their purchases for loading in October, and after China increased its imports of heavy, high-sulfur oil from Canada.
Qayyarah crude oil is from the Qayyarah field, which is one of the most important fields in Nineveh Governorate. Qayyarah oil is considered one of the heaviest types of Iraqi oil due to its high sulfur content.
Last updated: September 21, 2024 – 14:26
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2024-09-22 07:42:24