SOMO sells two million barrels of Basra crude in the Dubai Mercantile Exchange for the first time

The Dubai Mercantile Exchange, the government of the Iraqi Oil Marketing Company (SOMO) has sold two million barrels of Basra Light crude, via the stock exchange auctions platform.

This first step is at all where Basra crude is sold through the DME.

The Dubai Mercantile Exchange futures contracts for energy and commodities, in a statement, said that the auction has attracted the attention of oil traders and refiners companies, in which more than 20 circulating through 40 bidding in two minutes.

The highest price for the shipment of 31 cents added to the official selling of Basra Light crude prices.

And it will announce "SOMO" for official selling prices for the same month in the second week of next May, according to the statement.

On the objective of this process, Falah al-Amiri, General Manager of "SOMO" responsible for oil marketing in Iraq, "the inclusion of auctions Borse Dubai as an option for the sale of Basra Light crude, comes to meet demand in Asia and to provide equal opportunities for clients in order to reach the immediate ship, the he said ".

The DME since it opened in 2007, is considered one of the specialized stock exchanges around the world, and became held by the president, a forward contract for crude Oman's third standard price of crude oil in the world, the only criterion for crude oil, which is exported from Oman and Dubai.