Asia has given Iraq’s launch of its new Basra Heavy crude oil grade a poor reception after the No. 2 OPEC producer appears to have misjudged demand, supplying too much, too soon. Sellers of the new grade have struggled to find buyers, with at least one Malaysian-based trader taking a deep discount to offload 2 million barrels, while others have complained about a lack of pre-marketing and slow delivery of technical details to refineries. The problems, which have increased shipping and marketing costs for term buyers and Iraq’s equity partners in its southern oilfields, may hamper the country’s efforts to ramp up exports and could lead Asian buyers to look closely at Iranian oil if sanctions are lifted. “Asian refiners are conservative. You cannot bring new crude overnight and expect it to be taken up quickly,” a trader with a western firm said. Iraq – which sells more […]