By John Lee.
Iraq’s State Oil Marketing Organization (SOMO) is reported to be restricting companies from reselling Basra crude oil on the spot market.
Oil traders have told S&P Global Platts that SOMO wants to keep a greater share of the lucrative spot market for itself.
The report adds that SOMO is merely implementing restrictions already embedded in its contracts with customers.
(Source: S&P Global Platts)