According to a notice from Iraq’s State Organization for Marketing of Oil (SOMO) dated May 3, Iraq is offering substantial discounts on its flagship Basra crude to long-term contract buyers willing to transit the Strait of Hormuz to collect shipments. For crude loaded between May 1-10, the discount reaches $33.40 per barrel; the discount narrows to $26 per barrel for shipments after May 10. Heavy Basra crude carries a $30 per barrel discount. The notice states that force majeure clauses do not apply to the May pricing scheme.
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