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Iraq significantly lowers oil prices to attract buyers willing to cross the Strait of Hormuz
Deep Tide TechFlow News, May 5th, Iraq is offering huge discounts to its long-term contract buyers shipping this month, but the oil tankers must pass through the Strait of Hormuz to pick up the cargo deep in the Persian Gulf. A notice issued by Iraq’s State Oil Marketing Organization (SOMO) shows that Iraq is offering a price discount of up to $33.40 per barrel for its flagship Basra medium crude oil.
The document date (release date) is May 3rd, listing a series of prices for different periods this month. The notice states that if buyers accept SOMO’s May pricing scheme, “considering that this quote is issued under known existing special conditions by all parties, force majeure clauses do not apply to this quote.”
The discount for Basra medium crude oil shipped from May 1st to 10th is $33.40 per barrel, narrowing to $26 within the following month; meanwhile, the price for Basra heavy crude oil is $30 below the official price. (Jin10)