Iraq Narrows Crude Discounts as Buyers Remain Hard to Find for Gulf Loadings

According to Jin10, Iraq is struggling to find buyers for crude loaded from the Gulf this month after its State Oil Marketing Organization sharply narrowed discounts last week, effectively raising prices. The Iraqi government spokesman said on Friday that the country is seeking to charter tankers to transport crude and pass through the Strait of Hormuz. SOMO also offered buyers the option to pick up crude from locations outside the Gulf, but the plan has not been implemented, partly because prices mean too few companies are willing to take on transport through the Strait of Hormuz.