No. 2 OPEC producer loosens oil shackles for premium prices

Iraq is enabling buyers to load its crude oil without stating the destination of the cargo. This will allow buyers to make a decision at the time of loading on the best location, based on factors such as comparative pricing and whether a particular region is short of supply.

Photo: Nabil al-Jurani

OPEC's second-biggest producer is relinquishing some control over its prized oil in exchange for better prices.

In a rare move, Iraq is allowing buyers to load its crude without saying where the cargo will finally end up. They will only have to let the Middle East producer know about the destination two weeks after the shipment's bill of lading, under the terms by which 4 million barrels of its March supply was sold via auctions this month.

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