TotalEnergies Offers Millions of Barrels of Iraqi Crude to Asian Buyers

AI Summary

TotalEnergies is offering millions of barrels of Iraqi Basrah Medium and Basrah Heavy crude oil for prompt delivery to Asian buyers this month and next. This move comes amid the closure of the Strait of Hormuz, with Iraqi crude offered on the spot market at deep discounts requiring buyers to secure their own tankers.

TotalEnergies is offering millions of barrels of Iraq’s Basrah Medium and Basrah Heavy crudes for prompt delivery to Asia this month and next, traders who had received some of these offers told Bloomberg on Friday. Iraq, one of the Persian Gulf producers most hit by the closure of the Strait of Hormuz, has been offering crude on the spot market with deep discounts and only on a loading basis, which means buyers need to secure empty tankers to move inbound into the Gulf via the Strait of Hormuz. But TotalEnergies, one of the top commodity…