SULAIMANI (ESTA) — Iraq has raised the March official selling for Basra Medium crude to Asia, Reuters reported.
Reuters cited two sources with knowledge of the matter as saying that Iraq raised the price to plus $1.30 a barrel to the average of Oman/Dubai quotes.
The new price is up 80 cents from the previous month, the sources added.
Basra Heavy to Asia in the same month was priced at minus $1.80 a barrel to Oman/Dubai quotes, up 95 cents, according to Reuters.
In 2020, Iraq’s Oil Marketing Company (SOMO) notified clients that it planned to launch a third crude oil export grade called Basra Medium in 2021.
For Iraq, OPEC’s second-largest producer, oil revenue represents at least 95% of its income. It has been hit by the collapse in demand and oil prices last year, caused by the COVID-19 pandemic.
