Iraq's State Oil Marketing Organisation (Somo) has informed its partners they can start loading Basra Heavy crude from May, instead of its flagship light grade, two sources with direct knowledge of the matter said.
Brent crude oil prices fell on Friday, ending a run of rallies earlier in the week, after Opec said that its output surged in March, adding to a global glut.
The Organization of the Petroleum Exporting Countries (Opec) said that i
Qatar's Tasweeq has sold five cargoes of Al-Shaheen crude for June loading at the highest levels in 10 months on robust demand in Asia, trade sources said on Friday.
The cargoes were sold at discounts of 35-40 cents a barrel t
Crude oil prices jumped to fresh 2015 peaks, turning higher on news that a tribal group made up of former Al Qaeda militants took control of a major southern oil terminal in Yemen.
The terminal is one of the major hubs for the Had
Iraq's oil minister said his country's oil exports should hit a record of about 3.1 million barrels per day in April as output from the country's southern fields stays strong and weather conditions improve.
South Korea's imports of Iranian crude doubled in March from a year earlier but the country's oil shipments from the Opec country in the first quarter of this year fell 16 percent year- on-year to meet international sanction requiremen
Oil prices rose on Wednesday after signs of a dip in US production, but gains were capped by Chinese quarterly growth slowing to a six-year low.
Front-month Brent crude futures were trading up 47 cents at $58.90 a barrel by 0310 G
Iraq has set the first monthly price for its new Basra Heavy crude for May, but has likely delayed the launch of the grade until the following month, according to industry sources.
The country's State Oil M