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Somu Iraq announces July oil sale tender
Basra Oil Company "SOMO" announced the launch of a tender to sell its heavy and medium Basra crude oil in July, without specifying quantities. The tender closes next Saturday. The company requires buyers to take delivery of the oil from Basra's oil terminal on the Gulf, with offers priced according to Brent crude prices and other indicators. This represents a shift from the usual tenders that rely on official prices and discounts. The move reflects the presence of large unsold volumes, amid rising Iraqi oil exports and limited global supply due to tensions and supply constraints from the Middle East—especially as Iran prepares to increase its oil sales.
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