Iraq sells two million barrels of Basra light oil “at a premium”


The Iraqi oil marketing company Sumo sold Friday, 2 million barrels of Basra light crude loaded January 20 to the UNIPEC at a premium of 40 cents a barrel above the official selling price.
One source said the shipment brought a strong price premium because Sumo allowed the buyer to declare the shipment 14 days after the issue of the bill of lading rather than the usual procedure for the announcement three days earlier.
He explained that this gives flexibility to sell the shipment east or west on the side that will bring higher value.
On the other hand, Sumo did not sell two million barrels of Basra heavy crude, which it also put on Platts auctions, according to sources.
Sumo could not be reached for comment because her office was closed on Friday.

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