Iraq offers massive oil discounts to offset Strait of Hormuz risks
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Baghdad (IraqiNews.com) – Iraq’s State Oil Marketing Organization (SOMO) has announced unprecedented discounts on Basra crude to entice long-term buyers amid escalating regional tensions. According to reports from Reuters and Bloomberg on Tuesday, May 5, 2026, Iraq is offering discounts of up to $33.40 per barrel to offset the significant risks associated with navigating the Strait of Hormuz.
The steep price reductions target Basra Medium and Basra Heavy grades for May loading. Sp
The steep price reductions target Basra Medium and Basra Heavy grades for May loading. Sp
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