A tender document revealed that Iraq has set minimum price premiums for sales of Basra Medium crude shipments scheduled for loading in September, destined for export outside the Strait of Hormuz. The Iraqi state oil marketer SOMO had requested participants in
last month's tender to submit bids including a premium above the destination market's benchmark price. Commercial sources confirmed this information. According to the document, SOMO requires a premium of no less than 20 cents per barrel above the destination market benchmark
for shipments loaded between September 1 and 10. For shipments loaded between September 11 and 30, the company seeks a premium of no less than $3 per barrel above the destination market benchmark price. Earlier media reports last month indicated Tehran
had granted permission for Iraqi oil tankers to cross the Strait of Hormuz, following repeated requests from Baghdad.
