Dubai Mercantile Exchange hosted its latest Auctions on Wednesday, 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 $1.18 over the August Basrah Heavy Official Selling Price (OSP), while a 2-million barrel cargo of Basrah Light was awarded at $0.22 above the August Basrah Light OSP. This was the third cargo of Basrah Light sold via DME