Iraq’s Oil Marketing Company (SOMO) postponed its plan to switch its price benchmark for Basra crude in Asia to DME Oman futures from January 2018, according to a letter seen by Reuters.
“The proposal is still in need for a sufficient period of time to finalise our studies and thorough discussions with our customers on the best ways and mechanisms that should be more effective to well represent the benchmark for Asia market based on its real transactions,” Alamri said in the letter sent to customers on the same day he was replaced as director general.
“To this end, 1st of January 2018 will not be considered as a date to change the current applicable benchmark.”
SOMO could not be reached immediately for comment. Read More…
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