Dubai Mercantile Exchange (DME), a leading commodities exchange in the Middle East, hosted its latest auction, on behalf of Iraq’s National Oil Company (Somo), taking the total number of barrels auctioned on behalf of Somo to 20 million.

The two-million barrel cargo of Basrah Heavy was awarded at a premium of $0.13 per barrel over the December Basrah Heavy Official Selling Price (OSP), said a statement from DME.

Over 50 companies are registered for Somo auctions and around 30 logged in for the auction, it stated.

Somo’s first DME auction was in April of this year and the 20-million barrels auctioned so far have attracted combined additional revenues $13.58 million for the Iraqi government, versus prevailing OSPs, it added. – TradeArabia News Service