Iraq is increasingly edging out resellers of its Basra crude grades on the spot market as its state oil marketing company SOMO aims to have greater share and control over the lucrative spot market for its crude, S&P Global Platts reports , citing oil traders. SOMO has started to warn its term crude cargo buyers against becoming spot sellers of destination-restricted cargoes on the secondary market. This move is not unusual for Middle Eastern oil producers—most of Middle Eastern oil producing nations don’t allow the resale of oil cargoes under term contracts, Platts notes. The strategy of Iraq’s state oil marketing company had already led to a slowdown in spot trading activity in the European market earlier this month. In early November, demand for sour crude grades in Europe was higher due to the low appetite for Iranian crudes just ahead of the U.S. sanctions on Iran amid no […]