The Iraqi State Oil Marketing Organization (SOMO) said that it has raised the price of Basra's Light crude oil to American buyers by 30 cents as well as to European and Asian customers.
May's Prices for Asian buyers set at a discount of 70 cents a barrel -lower than Oman and Dubai's oil prices- compared to a 1.80 US$ deduction last month.
For European buyers, the prices set at a deduction of 4.85 US$ -lower than North Sea crude oil prices- compared to a 6.25 US$ discount in the previous month.
SOMO relies on special scale for raising and lowering prices in a way commensurate with demand and supply to maintain the level of Iraqi exports.
The oil marketing company (SOMO) is the official and responsible part of marketing oil in Iraq. The marketing policy is depending on basic pivot which are competitive, transparency, and marketing flexibility which aims to glorify the financial income for the exporter barrel and being punctual of the policies of OPEC Organization as well as pricing Iraqi crude oil in three main markets (northern and southern America market, the European market, the Far East market) in equal with the other oil prices which are competing with the Iraqi oil.
© Shafaq News 2013
