Iraq continues to offer discounts and promotions on Basra crude to encourage buyers.
Iraq continues to offer discounts and promotions on Basra crude to encourage buyers.
2026-09-30
Shafaq News – Baghdad
Reuters reported on Wednesday that Iraq’s state oil marketing company SOMO has offered larger discounts to term contract buyers in an effort to encourage them to take delivery of oil shipments scheduled for loading during October.
The agency quoted trade sources as saying that SOMO offered discounts of $34.50 and $37 per barrel for Basra Medium and Basra Heavy crudes respectively, on a delivery-on-board (FOB) basis from the Basra Oil Terminal or Iraqi single-point loading berths and associated facilities.
Discounts have widened compared to oil shipments scheduled to be loaded during August and September, when they were less than $30 a barrel, amid rising shipping costs and continuing risks associated with receiving shipments through the Strait of Hormuz.
The discounted Basra crude has attracted buyers, including Vitol and Abu Dhabi National Oil Company (ADNOC) of the UAE, in recent months, helping Iraq to increase its exports.
shafaq.com
