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Iraq Offers Up to $33.40 Oil Discount for Buyers Crossing Strait of Hormuz
Iraq offered discounts of up to $33.40 per barrel on Basra Medium crude to attract buyers willing to cross the Strait of Hormuz. SOMO’s May 3 notice showed the Basra Medium discount narrows to $26 per barrel later this month, while Basra Heavy is offered at $30 per barrel below the official price. The notice said the force majeure clause does not apply to the offer under the existing special conditions known to all parties.