Following its announced launch in November (MEES, 20 November 2020), Iraq has loaded the first cargo of its third Basra crude grade – the 27.9°API Basrah Medium – this week on the Minerva Kalyspo with Indian Oil Corp set to receive the shipment at the Chennai port next week.
Competition for the new grade is thought to be high amongst Iraq’s biggest buyers – namely China and India – as it essentially supplants the frequent sub-spec Basrah Light cargoes which were previously sold well below the grade’s marketed 34°API and will help meet high demand for heavy-medium sour crude in Asia. (CONTINUED - 164 WORDS)