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
18 February 2026
With Texas LNG approaching financial close, Alaska LNG advancing towards a phased buildout and Magnolia LNG positioned for future optionality, Glenfarne CEO Brendan Duval says the coming year will demonstrate how the company’s more focused, owner-operator approach is reshaping LNG infrastructure development in the North America
18 February 2026
The global gas industry is no longer on the backfoot, hesitantly justifying the value of its product, but has greater confidence in gas remaining a core part of the global energy mix for decades
18 February 2026
With marketable supply unlikely to grow significantly and limited scope for pipeline imports, Brazil is expected to continue relying on LNG to cover supply shortfalls, Ieda Gomes, senior adviser of Brazilian thinktank FGV Energia,
tells Petroleum Economist
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
