Iraq significantly lowers oil prices to attract buyers willing to transit the Strait of Hormuz
Golden Ten Data reported on May 5th: A notice released by Iraq’s State Oil Marketing Organization (SOMO) shows that Iraq is offering a price discount of up to $33.40 per barrel on its flagship product, Basra Medium crude oil. The document, dated May 3rd, lists a series of prices for various periods this month. The notice indicates that if buyers accept SOMO’s May quotation plan, “Given that this quote is issued under existing special conditions known to all parties, the force majeure clause does not apply to this quotation.” The price of Basra Heavy crude oil is $30 lower than the official price.
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