Iraq’s Oil Marketing Company(SOMO) is still engaged in internal discussions on a proposal to change its Basra crude price benchmark in Asia, its director-general told Reuters in an emailed statement.
SOMO, Iraq’s state oil marketer, surprised traders last week by seeking feedback on plans to switch its Basra crude benchmark in Asia to pricing based off the Dubai Mercantile Exchange from January 2018, dropping quotes based on assessments by oil pricing agency S&P Global Platts.
The firm has requested customer feedback on the potential change by Aug. 31, and director-General Falah J. Alamri told Reuters talks were still under way within SOMO. “However, we will reveal the final outcomes in due course,” the official wrote in an e-mailed document dated Aug. 28. Read More…
Credit By : ET Energy World
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