Market Eye: Iraq Boosts Basrah Light Competitiveness

摘要

Iraq has doubled its Basrah Light crude's interest-free credit period to 60 days for some Indian refineries. The move further bolsters the attractiveness of an already competitive crude to India, one of Iraq's most important buyers. The decision occurs amid expectations in the Mideast crude market that Iraq would fight to retain market share as its production and exports are poised to increase (IOD Dec.4'13). The improved terms also strengthen an important link between a key global crude exporter and one of the world's largest importers of crude.