Iraq has once again raised the official formula prices of its crude exports to Asia relative to similar Saudi grades. Iraq’s State Oil Marketing Organization (Somo) has significantly pushed up the formula price of heavy, sour Basrah Heavy for the fourth month in a row, lifting it to its strongest ever level relative to Saudi Arab Heavy crude. The increases, which also include Iraq’s medium, sour Basrah Light crude, appear to be part of Somo’s continued attempt to claw back more of the value of its crude exports despite the heightened competition for Asian market share among Mideast producers (IOD Oct.6’17).
展开▼
