[Iraq Significantly Lowers Oil Prices to Attract Buyers Willing to Cross the Strait of Hormuz] Deep Tide TechFlow reports that on May 5, Iraq is offering substantial discounts to long-term contract buyers for shipments scheduled this month, but tankers must cross the Strait of Hormuz and enter the depths of the Persian Gulf to pick up the cargo. A notice issued by Iraq's State Oil Marketing Organization (SOMO) shows that Iraq is offering a price discount of up to $33.40 per barrel for its flagship product, Basra Medium crude oil. The document, dated May 3, lists a series of prices for different time periods this month. The notice states that if buyers accept SOMO's May pricing plan, "given that this offer is issued under the existing special conditions known to all parties, the force majeure clause does not apply to this offer." For Basra Medium crude oil shipped between May 1 and May 10, the discount is $33.40 per barrel, narrowing to $26 per barrel for the rest of the month; meanwhile, the price for Basra Heavy crude oil is $30 lower than the official price. (Jin10)