A man works for Iraqi Drilling Company at Rumaila oilfield in Basra, Iraq, May 11, 2017. REUTERS/Essam Al-Sudani
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OPEC's second-largest producer is stepping up the campaign to get more for its oil by looking to revamp the way it sells crude to its customers.In the note to Asian buyers, SOMO said it's considering a benchmark based off the DME Oman contract two months before the Iraqi cargoes are scheduled to load, according to the traders.While cargoes loading in any given month would be priced two months in advance, SOMO typically only tells its customers whether they'll be allocated a shipment about one month before it's scheduled to load. That means buyers potentially won't know whether to hedge or not because they won't be sure if they'll be allocated a cargo.
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