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Iraq sells May Basra Heavy crude, likely at record spot premium – sources

Iraq has sold 1 million barrels of Basra Heavy crude for loading at the end of May, likely at the highest premium ever due to robust demand for heavy oil, several trade sources said.

* The country’s state oil marketer SOMO sold the cargo, via a tender, to Japanese trader Petro-Diamond, they said

* The cargo sold at a premium of $2.63 a barrel to the grade’s official selling price (OSP), the sources said

* The cargo is scheduled to load on May 29-31

* SOMO and Petro-Diamond were not immediately available for comments

* Separately, SOMO has also awarded a tender to sell 2 million barrels of Basra Light crude for loading during the same period at 50 cents a barrel above its OSP to Equinor, the sources said

* The premium for Basra Light is lower than earlier deals at 60-70 cents
Source: Reuters (Reporting by Florence Tan; Editing by Christian Schmollinger and Sherry Jacob-Phillips)

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