Premiums for Iraq’s Basrah Heavy crude grade fell sharply this month as Chinese demand for the grade dimmed on lower refinery run rates, traders said on Thursday. A spot tender offering 1 million barrels of Basrah Heavy crude grade by state-owned SOMO was heard awarded at a premium of 90 cents/b to the July OSP on Thursday morning in Singapore. Last month, a similar tender was awarded by SOMO at a premium of $2.25/b to the Asia June OSP for Basrah Heavy. The buyer was a Chinese end-user. Several Chinese end-users surveyed by S&P Global Platts said they had not been awarded the latest tender for the July loading cargo. “Not [awarded] to any of the Chinese buyers,” one crude trade with a Chinese firm said. “We didn’t get it [the tender award],” added a […]