Dubai Mercantile Exchange (DME) hosted its latest auction on Wednesday, on behalf of Iraq’s National Oil Company, SOMO, where 2-million barrel cargo of Basrah Heavy was awarded at a premium of $1.63 per barrel over the October Basrah Heavy Official Selling Price (OSP).

The second highest bid was +$1.59/b. 25 companies logged into the auction and 45 separate bids were received. Over 50 companies have now registered with the DME to access SOMO auctions, DME said in a press release.

In July a Basrah Heavy cargo for September loading was auctioned at a premium of $1.37/b, but strong demand has further lifted premiums for heavier barrels, while OPEC cuts curtail supplies.