Dubai Mercantile Exchange hosted its latest auction on Monday 28 August 2017, on behalf of Iraq’s National Oil Company, SOMO.

The 2-million barrel cargo of Basrah Light was awarded at a premium of $0.17 per barrel over the October Basrah Light Official Selling Price (OSP). 17 companies logged into the auction with 27 bids registered. Over 50 companies have now registered with the DME to access SOMO auctions.