SOMO asks buyers to specify their needs for Basra crude amid Hormuz tensions
SOMO asks buyers to specify their needs for Basra crude amid Hormuz tensions
2026-08-03
Shafaq News – Baghdad
Iraq’s State Oil Marketing Organization (SOMO) has asked term contract buyers to specify the quantities of Basra crude they require to be loaded during August, as tanker traffic through the Strait of Hormuz continues to decline due to tensions between Iran and the United States.
A document showed that SOMO invited buyers to specify contractual quantities of Basra Medium or Basra Heavy crude, on a delivery-on-board (FOB) basis from the Basra Oil Terminal or from Iraq’s mooring buoys and associated facilities, according to Reuters.
This measure comes at a time when shipping traffic through the Strait of Hormuz is still declining, prompting the company to coordinate loading plans with buyers to ensure continued export operations.
Data released by the U.S. Energy Information Administration on Monday showed that the United States did not record any imports of Iraqi crude oil last week, marking the fifth consecutive week of no imports.
shafaq.com
