Sources: Iraq's National Oil Marketing Organization offers significant discounts on July Basra crude oil According to a report by Golden Finance on June 30th, citing multiple trade sources and a related document, the State Oil Marketing Organization (SOMO) of Iraq offered a significant discount on the official selling price to attract long-term buyers to transport crude oil from Persian Gulf ports in the Middle East in July. The discount range for Basra medium crude oil per barrel is between $14 and $16, while the discount range for Basra heavy crude oil per barrel is between $16.80 and $18.80, depending on the loading time. The discount for pallets shipped from July 1st to 5th is the highest, while the discounts for shipments shipped from July 6th to 10th and July 11th to 31st are gradually narrowing. The Iraqi National Oil Marketing Organization stated that purchasers are required to declare the intended oil purchase quantity within one day of receiving the notification letter. A trade source said that this significant concession is to compensate buyers for the high cost of chartering ships to transport oil in the Strait of Hormuz. Data shows that the daily rent for a super large oil tanker capable of carrying 2 million barrels of crude oil from the Middle East to China has increased from approximately $220000 before the US Israel attack on Iran on February 27th to around $300000; However, the rent has fallen back from its peak of about $600000 in March. Two other industry insiders stated that although the discount on Basra crude oil is high, the smoothness of navigation through the Strait of Hormuz remains a concern for buyers.