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New pricing norm for Basra crude: Indian refiners are unhappy
Aug 28: A new method of pricing Basra crude from Iraq using the monthly average of DME Oman futures two months before the oil loads has not gone down well with Indian refiners.
8Other Middle East producers like Saudi Arabia, Kuwait and Iran price their oils one month before loading.
8This means Iraqi crude loading in October would be priced off DME’s futures contracts in August.
8This poses a risk to Indian buyers, who would only be notified by mid-September whether they had successfully bid for a cargo, making it hard for them to hedge against price changes in advance.
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