SOMO Offers Additional Incentives to Boost Basra Crude Shipments for October

In an effort to encourage buyers to take delivery of their shipments, Iraq's State Oil Marketing Organization (SOMO) announced on Wednesday additional incentives for term buyers for October loadings. Reuters, citing trade sources, reported that this move specifically targets Basra Medium and Basra Heavy crude. SOMO offered discounts of $34.50 per barrel for Medium crude and $37 per barrel for Heavy crude, applicable on a Free-On-Board (FOB) basis from the Basra oil terminal, single point moorings, and associated facilities in Iraq.