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Iraq significantly lowers oil prices to attract buyers willing to cross the Strait of Hormuz
ME News Report, May 5th (UTC+8), the Iraq State Oil Marketing Organization (SOMO) recently issued a notice indicating significant discounts for long-term contract buyers shipping this month. Iraq’s flagship product, Basra medium crude oil, is discounted by up to $33.40 per barrel. Notably, the buyers’ oil tankers must pass through the Strait of Hormuz and venture into the Persian Gulf to pick up the cargo. (Source: MLion)