Iraq cuts Basrah Medium crude rate to $1.30 discount for Asia amid ongoing oversupply concerns in oil market
Iraq has reduced the pricing of its Basrah Medium crude for Asian customers for February, days after Saudi Arabia lowered the cost of its flagship oil to buyers in the biggest market.
State oil marketer SOMO reduced the Basrah Medium discount to $1.30 a barrel relative to the regional benchmark, down from $1.05 in January, Bloomberg reported, citing the pricing list.
