Highlights Smaller OSP hike for July versus other producers Cheaper Urals, Canadian grades weigh on Basrah demand Iraqi Basrah crude is likely to face stiff competition in the current trading cycle as alternative grades from Russia and the West increasingly lure price sensitive buyers in Asia, sources told S&P Global Commodity Insights June 21. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Earlier this month, Iraqi oil producer SOMO raised the July official selling prices of Basrah Medium and Basrah Heavy by 50 cents/b each, which trade sources said is a modest jump compared with other Middle East producers who hiked prices by around $1.80-$2.75/b for their Asia-bound crude, S&P Global reported previously. “[OSPs look competitive], you can say that. Fighting for market share looks like,” a trader with a Southeast Asian refinery said. Key demand centers in Asia for Basrah grades are […]