Four million barrels of crude auctioned for Iraqi company

DUBAI — A 2-million barrel cargo of Basrah Heavy was awarded at a premium of US$1.18 over the August Basrah Heavy Official Selling Price (OSP), to Iraq’s National Oil Company, SOMO, in an auction hosted Wednesday by the Dubai Mercantile Exchange. DME. This included the first cargo of Basrah Heavy crude sold via DME Auctions.

In addition, a 2-million barrel cargo of Basrah Light was awarded at $0.22 above the August Basrah Light OSP. This was the third cargo of Basrah Light sold via DME.

DME is the premier energy-focused commodities exchange in the East of Suez and home to the world’s third crude benchmark. It was launched in June 2007 with the goal of bringing fair and transparent price discovery and efficient risk management to the East of Suez.

The DME lists the Oman Crude Oil Futures Contract, DME Oman, as its flagship contract, providing the most fair and transparent crude oil benchmark for the region. DME Oman is the explicit and sole benchmark for Oman and Dubai crude oil Official Selling Prices – historically established markers for Middle Eastern crude oil exports to Asia.

Source: Emirates News Agency