SOMO Iraq Offers July Oil Cargoes

The Iraq Oil Marketing Company (SOMO) has issued a tender to sell its Basra Heavy and Medium crude oils in July, without specifying quantities, with the bid deadline set for tomorrow, Saturday. The company is requesting buyers to submit price proposals linked to Brent, Argus, and Oman-Dubai prices. The terms are unconventional and suggest the presence of large unsold volumes, amid expectations of increased oil supplies in the market due to rising outputs from the Middle East and Iran's plans to boost its oil sales. Iraq, the second-largest producer in OPEC, is considering withdrawing from the organization if it is not permitted to raise its production quota.

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