Drilling rig in Basra, Iraq
Basrah Medium gets off to a promising start
Iraq’s new crude grade has had a relatively successful first few months. But Basrah Light issuers remain unresolved
November is typically the busiest month for Middle East NOC marketing teams. Annual term contract negotiations are finalised with customers for the year ahead, with grade nominations and volume requirements thrashed out between both parties. For Iraq, November 2020 was a particularly active period. Notwithstanding its term contact discussions, state oil marketer Somo was also in the throes of launching a five-year prepay tender—which was later abandoned—and a major overhaul of its grade specifications, part of the much-anticipated launch of its new export stream, Basrah Medium (BM). Assay samples were hurriedly prepared and sent to Asian refiner customers and grade nominations were duly requ
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
