Dubai Mercantile Exchange hosted its latest auction on Tuesday, on behalf of Iraq’s National Oil Company, SOMO.

The 2-million barrel cargo of Basrah Heavy was awarded at a premium of $1.28 per barrel over the November Basrah Heavy Official Selling Price (OSP).

21 companies have participated in the auction with 43 bids received during the two-minute auction.

SOMO has sold a total of 12 million barrels of crude oil via DME Auctions since April of this year. In August, a Basrah Heavy cargo for October loading was auctioned at a premium of $1.63 per barrel over the October Basrah Heavy Official Selling Price (OSP).

Source: Wam