Grades we trade
A focused set of internationally traded crude grades:
- Basrah Medium — medium sour crude exported from southern Iraq.
- Basrah Heavy — a heavier, higher-sulphur southern Iraqi grade.
- Murban — a light, low-sulphur crude from Abu Dhabi.
How crude cargoes are traded
Crude is traded on recognised Incoterms 2020 terms — commonly FOB at the load port or CIF to the discharge port — and priced on formulas referenced to benchmarks such as Brent, WTI or Dubai/Oman. A cargo is lifted within an agreed laycan, inspected independently, and moves against shipping and commercial documents.
- Pricing against published benchmarks — see how crude oil pricing works
- FOB vs CIF delivery terms
- Independent inspection on quantity and quality
- Documentary trade finance (Letters of Credit)
Iraq and the Gulf as origin
The Basrah grades are exported from southern Iraq through the Gulf terminals; Murban loads from Abu Dhabi. See the Iraq market page for the regional context.
Frequently asked questions
What is the difference between Basrah Medium and Basrah Heavy?
They differ mainly in density (API gravity) and sulphur: Basrah Heavy is denser and higher in sulphur than Basrah Medium. See Basrah Medium vs Basrah Heavy.
On what terms is crude traded?
Commonly FOB or CIF under Incoterms 2020, priced against published benchmarks.
Are specifications guaranteed?
Typical specifications are indicative; actual characteristics are cargo-dependent and final contractual specifications prevail.