Iraq has taken the opportunity to readjust its crude export slate with the planned launch of the new Basrah Medium grade. As well as adding a third southern export grade, state marketer Somo has adjusted the specifications of the existing Basrah Light and Basrah Heavy grades.

In a memo to customers, Somo announced that from 1 January, Basrah Medium will be marketed at 27.9°API and 3% sulfur – somewhat heavier than initially expected. Meanwhile the flagship Basrah Light will drop from its nominal 34°API to 31.4°API (and 2.74%S). Basrah Heavy will drop from 26°API to 24°API (and 4%S). (CONTINUED - 220 WORDS)