Iraq has slashed the prices of its crude oil grades to Europe as its marketing strategy differs significantly from that of other producers in the Middle East. Market dislocations as Europe tries to wean itself off Russian crude are altering global trade flows and Iraq appears to be trying to expand its European presence through barrels at discounts. But the magnitude of the rebates may also reflect logistical constraints Iraq must overcome.

State marketer Somo released the official sale of Iraq…



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