US-based Occidental Petroleum Corp and South Korea's Kogas have received their first cargo of crude oil as payment for helping to develop Iraq's Zubair oilfield, shipping sources told Reuters on Monday.

The vessel Hellespont Trooper left Basra on Sunday carrying one million barrels of Basra light. Occidental received 600,000 barrels and Kogas 400,000 barrels, shippers said.

The average selling price for Iraqi crude for July was around $108, a source at the Iraqi state oil company SOMO said.

The vessel Olympic Legend also left on Sunday from the Basra oil port carrying 2 million barrels of Basra light crude for China's CNPC, one shipper said.

The SOMO source said it was the second payment to CNPC for developing the Rumaila oilfield. – Reuters