Iraq sells heavy Basra crude with "big discount"

The sources said according to Reuters that Petronas Company has sold two million barrels of crude in June for Essar Oil refining Indian company at a discount of more than one dollar for a barrel for the official selling price. It was not possible to make sure of the deal from an independent source.

The weak demand for oil in Asia due to higher exports of Basra heavy crude volume than what was expected in June while Asian refiners are caution in dealing with the new materials.