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SOMO Signs Basrah Light Term Contracts With An Export Base Level Of Around 600,000 B/D

Iraqs State Oil Marketing Organization (SOMO) has lined up major end-users for around 600,000 b/d of Basrah Light (33 API) term contracts for the period of 1 August-31 December. SOMO is taking a gradualist approach in its export policy, starting first with selling spot cargoes in July and then signing short-term contracts for a limited volume to increase gradually as security...