Iraq sells 10 million barrels of oil at discounts up to $28

Oil tankers Tataki and Maran Aspasia fill at Al-Basrah Oil Terminal off Iraq’s Faw peninsula, Aug. 5, 2025. Photo: AFP Baghdad (IraqiNews.com) – Iraq recently sold 10 million barrels of oil via its southern ports at a discount ranging from $25 to $28 per barrel. Sources told Attaqa News that most of these shipments were acquired by Indian companies and that the loading took place at the southern ports a few days ago. Iraq has been unable to sell any oil at a price higher than $100 per barrel since the outbreak of the military conflict in the Middle East, according to two more sources, even though world prices have risen to almost $117 per barrel. A source at the State Oil Marketing Organization (SOMO) said that Iraq has not been able to sell oil for more than $85 per barrel. About a month ago, the company sold some shipments of light crude at around $90 per barrel. The spokesperson for the Ministry of Oil, Salim al-Rikabi, said that oil sales are still being conducted via the southern ports, and there are variable discounts in place to cover transportation and insurance costs for the purchasing companies. Recently, Iraq’s average oil exports have risen to approximately 3.2 million barrels per day, according to statements made by Oil Minister Basim Khudair to the official news agency. Oil shipments passing through the Strait of Hormuz account for roughly 3 million barrels per day. Due to its inadequate tanker fleet, Iraq has resorted to giving substantial discounts on its oil since the start of the conflict in the region, often as much as $32 per barrel.