Iraq offers May-loading crude at deep discounts for loading inside Hormuz
Iraq has offered term buyers May-loading Basrah crude at steep discounts for loading inside the Strait of Hormuz. The OPEC producer is offering its flagship Basrah Medium crude at discounts of $33.40, or $26 a barrel to its May official selling price, for loading on May 1 to May 10 or May 11 to May 31, respectively. This is according to a May 3 notice from state oil marketer SOMO seen by Reuters.
Iraq also offered May-loading Basrah Heavy crude at a $30-per-barrel discount to the May OSP, the document showed. The cargoes are sold on a free-on-board basis at the Basrah Oil Terminal or Single Point Moorings, both located inside the Strait of Hormuz. The OSP is determined on the final destination of the cargoes. The discounts underscore mounting pressure on Iraqi crude exports as shipping risks persist in the waterway.
Iraqi crude exports, which averaged 3.33 million barrels per day in 2025, are mostly shipped to Asia, Kpler data showed. In April, only two vessels were loaded at Iraq's Basrah port, one of them has passed the Strait of Hormuz while the other one has not been out, according to Kpler.
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Iraq is offering May-loading Basrah crude at deep discounts for loading inside the Strait of Hormuz. The discounts underscore mounting pressure on Iraqi crude exports - a situation that could have far-reaching effects.
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