Dubai – Mubasher: Iraq’s State Organization for Marketing of Oil (SOMO) has successfully sold 2 million barrels of June 2017 loading crude oil, the Dubai Mercantile Exchange (DME) announced.
The transaction was carried out on the DME Auctions platform, the oil bourse said in a statement released Sunday.
The auction attracted significant interest “from majors and refiners” with more than 20 traders having taken part in the auction.
“The highest of the 40 bids during the two-minute auction was at 31 cents/barrel premium over the Basra Light Official Selling Price (OSP) for June,” DME revealed.
The Iraqi national oil firm will publish the June OSP in the second week of May, the bourse added.
