TotalEnergies is offering millions of barrels of Iraqi crude for prompt delivery into Asia, adding fresh supply pressure to a market already showing signs of heavy availability. The French oil major is marketing Basrah Medium and Basrah Heavy to refiners in South Korea, Taiwan, and China, arranging delivery on a delivered basis rather than requiring buyers to arrange their own vessels as in previous spot-market offers from Iraq's SOMO. The offer comes as oil flows through the Strait of Hormuz have improved following an interim peace deal between the US and Iran, potentially accelerating Iraqi exports into key Asian markets. TotalEnergies has been seeking supertankers capable of carrying two million barrels, with shipments available for July, August, or later months, though the total volume in this tranche remains unclear.
TotalEnergies SETotalEnergies is marketing Iraqi crude to Asian refiners, indicating strong demand for its trading services and potential revenue from sales.