The October contract crude oil supply offered to buyers by the Iraqi National Petroleum Marketing Agency provides a discount of up to 37 US dollars per barrel compared to the regional benchmark oil price. This sharp price reduction reflects that compared to some neighboring countries, Iraq faced more severe transportation difficulties during the Middle East conflict, mainly due to its geographical distance from the Strait of Hormuz. Due to the lack of a large fleet of its own fleet, Baghdad had to incentivize buyers through deep discounts, maintaining crude oil export flows despite ongoing risks to Persian Gulf shipping. The Iraqi National Petroleum Marketing Agency prices Basra intermediate crude oil at 34.50 US dollars per barrel lower than the benchmark price and 37 US dollars lower for Basra heavy crude oil. The specific benchmark depends on the export destination. This document, dated September 29, covers the shipping schedule from October 1 to October 31.

The October contract crude oil supply offered to buyers by the Iraqi National Petroleum Marketing Agency provides a discount of up to 37 US dollars per barrel compared to the regional benchmark oil price. This sharp price reduction reflects that compared to some neighboring countries, Iraq faced more severe transportation difficulties during the Middle East conflict, mainly due to its geographical distance from the Strait of Hormuz. Due to the lack of a large fleet of its own fleet, Baghdad had to incentivize buyers through deep discounts, maintaining crude oil export flows despite ongoing risks to Persian Gulf shipping. The Iraqi National Petroleum Marketing Agency prices Basra intermediate crude oil at 34.50 US dollars per barrel lower than the benchmark price and 37 US dollars lower for Basra heavy crude oil. The specific benchmark depends on the export destination. This document, dated September 29, covers the shipping schedule from October 1 to October 31.