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TotalEnergies Offers Millions of Barrels of Iraqi Crude for Prompt Delivery to Asia
TotalEnergies is offering unspecified volumes of Basrah Medium and Basrah Heavy crude for loading from Basrah and delivery to buyers in China, South Korea, and Taiwan this month and next. Traders who received the offers told Bloomberg on Friday that the French company is also seeking to charter very large crude carriers for the shipments.
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TotalEnergies is offering millions of barrels of Iraq's Basrah Medium and Basrah Heavy crude for prompt delivery to Asia, traders who received the offers told Bloomberg on Friday. The offers cover unspecified volumes that TotalEnergies would load from Basrah and deliver through the Strait of Hormuz in the coming weeks.
The company has been seeking to charter very large crude carriers capable of carrying up to two million barrels each.
Iraq has been offering crude on the spot market with deep discounts and on a loading basis only, requiring buyers to secure tankers for inbound transit through the Strait of Hormuz. The country is OPEC's second-largest producer after Saudi Arabia. TotalEnergies' move indicates the company expects shipping conditions through the Strait to continue improving.
Iraq's oil-dependent economy had been affected by earlier restrictions on tanker traffic through the waterway.
