Iraq is pressing ahead with the 1 January launch of its new Basrah Medium export grade, and this week Somo released the first pricing information for the grade. Basrah Medium (27.9°API and 3% sulfur) will become the third export grade to be shipped from the southern Basra terminals. Its rollout is aimed at minimizing expensive quality penalties which stem from Iraq’s inability to blend crude to a set gravity (MEES, 6 November).
Somo published the official selling prices (OSP) for January 2021 this week, with Basrah Medium making its debut. Somo has also tweaked the marketed qualities of Basrah Light and Basrah Heavy from January onwards (MEES, 20 November). (CONTINUED - 202 WORDS)