SINGAPORE: Iraq's ​SOMO has ⁠offered wide discounts to its ‌official selling prices to encourage term buyers ​to lift Basrah crude from its ​terminal inside the ​Middle East Gulf in July, according to trade sources and ⁠a document reviewed by Reuters.

The discounts for Basrah Medium crude ranged from $14 to $16 a barrel while those ​for ‌Basrah Heavy ⁠crude ⁠were between $16.80 and $18.80 a barrel, depending on the ​loading period. Discounts are ‌wider for cargoes ⁠loading between July 1 and 5 and they become narrower for cargoes loading July 6-10 and July 11-31.

Buyers are requested to submit their nominations for quantity within a day from receiving ‌the letter, SOMO said.

The wide ⁠discount may entice buyers, ​but the question remains if the Strait of Hormuz is passable, ​the ‌trade sources said.

(Reporting by Florence ⁠Tan; Editing by ​Tom Hogue and Sonali Paul)