DME auctions four million barrels of Iraqi crude for Somo

A 2-million barrel cargo of Basrah Heavy was awarded at a premium of US$1.18 over the August Basrah Heavy Official Selling Price.

A 2-million barrel cargo of Basrah Light was awarded at US$0.22 above the August Basrah Light OSP.
A 2-million barrel cargo of Basrah Light was awarded at US$0.22 above the August Basrah Light OSP.

Dubai Mercantile Exchange hosted its latest Auctions today, on behalf of Iraq’s National Oil Company, SOMO. This included the first cargo of Basrah Heavy crude sold via DME Auctions.

A 2-million barrel cargo of Basrah Heavy was awarded at a premium of US$1.18 over the August Basrah Heavy Official Selling Price (OSP), while a 2-million barrel cargo of Basrah Light was awarded at US$0.22 above the August Basrah Light OSP.

This was the third cargo of Basrah Light sold via DME.

Dubai Mercantile Exchange Limited (DME) is an energy-focused commodities exchange in the East of Suez and home to the world's third crude benchmark.

DME was launched in June 2007 with the goal of bringing fair and transparent price discovery and efficient risk management to the East of Suez.

DME is a joint venture between Dubai Holding, Oman Investment Fund and CME Group.

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