-- Iraq is offering term buyers steep discounts on May-loading Basrah crude, with cuts of up to $33.40 per barrel amid ongoing export disruptions, according to a Reuters report, citing a note from Iraq's State Oil Marketing Organization, or Somo.
This is for loading on the Strait of Hormuz, which remains effectively closed for the tenth week running, amid the ongoing military conflict in Iran.
Basrah Heavy crude for May loading is also being marketed at a discount of $30 per barrel to its original selling price, the document reportedly showed, with cargoes being sold on a free-on-board basis from the Basrah Oil Terminal and Single Point Moorings, both located within the Hormuz.
In 2025, the country exported 3.33 million barrels of crude per day on average, with the bulk of its shipments destined for Asia, according to Reuters, citing data from Kpler.
Its exports have slowed sharply since the conflict began, with just two vessels being loaded at Basrah in April, and only one successfully making it through the Strait, Reuters reported, citing Kpler.
Somo did not immediately respond to' request for a comment on this matter.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)