Iraq's state oil marketer SOMO put out a spot crude tender on August 24 for September loadings of Basrah Medium and Basrah Heavy crude, with loading inside the Strait of Hormuz. Rare for SOMO. Most Iraqi crude goes out via standard export terminals south of the strait, where loading is not affected by current restrictions.
SOMO set prices at $25 to $29.80 per barrel below the Oman-Dubai benchmark to bring buyers in, according to Argus Media and Baird Maritime.
QatarEnergy ran parallel tenders requiring the same loading point, according to Baird Maritime and Iraqi News. Both are a test of whether Gulf crude can move through the strait.
Satellite imagery showed seven tankers at Basra Oil Terminal in the days around the tenders. About 100 devices were tracking the Northern Persian Gulf and Basrah area on MarineRadar in the past 48 hours.
SOMO and QatarEnergy Offer Crude for Loading Inside Hormuz at Record Discounts
Interest over time · Al Basrah Oil TerminalWho's watching
- US25%
- IQ23%
- GB22%
- IR12%
- EG10%
- AE8%
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