Iraq’s SOMO fails to award 2 mln bbl Basra Medium crude tender: Sources

Iraq’s Oil Marketing Company has failed to sell 2 million barrels of Basra Medium crude for May 25-27 loading as bids were too low, traders said on Monday.

SOMO had sought bids for the cargo during S&P Global Platts’ Market on Close process.

The highest bid was $3.50 a barrel below its official selling price, traders said.

One of the traders said the OSP was too high and hence bids were at wide discounts.

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