Iraq raises Basra crude premium

Iraq has increased the premium over Basra crude oil prices by up to $3 per barrel, according to a September tender document for selling oil outside the Strait of Hormuz, aimed at securing alternative shipping routes due to regional tensions. The Iraqi Oil Marketing Company, SOMO, requested a premium of no less than 20 cents per barrel for the initial shipments in September, and $3 per barrel for the scheduled shipments in the second half of the month. Iraq is also making efforts to export oil via alternative ports such as the Turkish port of Ceyhan, following repeated requests for passage through the Strait of Hormuz amidst escalating tensions that have impacted global oil supplies.

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