Iraq to launch new “Basrah Medium” Crude Oil Grade

Platts has reported that Iraq plans to launch a new Basrah Medium crude oil grade “whenever logistics allow,” to provide “more stability” in existing grades.

It quotes Ali Nazar al-Shatari, the Deputy Director General of the State Oil Marketing Organization (SOMO) as saying the new grade will have an API gravity of 29-30 degrees, with two percent sulphur.

Basrah Heavy will remain largely the same at 23 degrees API and four percent sulphur, while Basrah Light will be become even lighter, rising to 34 API degrees, up from an average of 29-31 degrees currently.

Source: Iraqi Business News