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.
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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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