Platts publishes Iraq's Basrah Medium OSPs from February 2021

S&P Global Platts has started publishing official selling prices set by Iraq's State Oil Marketing Company, or SOMO, for its newly-launched Basrah Medium crude oil grade from February 2021.

This follows the issuance of the OSP of the new grade by the oil producer on Dec. 11. SOMO sets its OSPs as a differential against various price markers for the various geographical regions on a forward month basis.

In Asia, the price marker is the monthly average of Platts Dubai and Platts Oman crude assessments. In Europe, the price marker is the monthly average of Platts Dated Brent crude assessments while in the US, the price marker is the Argus Sour Crude Index.

In February 2021, Platts will publish Basrah Medium OSP differentials as announced by SOMO for cargoes loading in March 2021.

Platts will also publish Basrah Medium's outright OSPs by adding the differentials as set by SOMO to the monthly average of the respective regions' price markers for the month of loading. The new OSP and differential will be published alongside existing ones for SOMO's Basrah Light and Heavy grades on PGA 1059.

SOMO has started regular shipments of Basrah Medium crude starting January 2021, after it announced plans in November to further split the Basrah crude stream. In 2015, Iraq segregated the Basrah crude stream into Basrah Light and Basrah Heavy to improve and stabilize the quality of the crude oil it exports. From January 2021, Basrah crude grades comprise Basrah Light, Basrah Medium and Basrah Heavy. Production of Basrah Medium is estimated to be around 1 million b/d.

The OSPs appear on Platts Global Alert page 1059 and in the Platts assessment database under the following price symbol codes:

Code description Code

Basrah Medium OSP Diff to Asia (vs Dubai/Oman) Mthly BSMAS00

Basrah Medium OSP Diff to Europe (vs Dated Brent) Mthly BSMES00

Basrah Medium OSP Diff to US (vs Mars Mo02) Mthly BSMUS00

Basrah Medium OSP to Asia Mthly BSMAD00

Basrah Medium OSP to Europe Mthly BSMED00

Basrah Medium OSP to US Mthly BSMUD00

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