Mitsubishi Renews Crude Term Contract With Iraq - Traders (Noozz.com | IRAQ)

Japanese trading house Mitsubishi Corp. has renewed a six-month term contract with Iraq's State Oil Marketing Organization, or SOMO, to purchase Basra crude oil, crude traders based in Tokyo said Monday. According to the traders, Mitsubishi is expected to buy 2 million to 3 million barrels of Basra crude on a quarterly basis.