The French energy major offers millions of barrels of Basrah Medium and Heavy crude for prompt delivery amid Hormuz shipping constraints.
TotalEnergies is selling millions of barrels of Iraq’s Basrah Medium and Basrah Heavy crude to Asian buyers for delivery this month and next. The offers come with steep discounts as Iraq seeks spot market sales due to disruptions in the Strait of Hormuz, a critical shipping route for Gulf producers.
Iraq has been forced to sell crude on a loading basis, requiring buyers to arrange their own tankers to navigate the Strait. This has increased logistical challenges and pressured prices downward. The move follows broader regional supply concerns after recent geopolitical tensions affected oil flows.
Traders report the offers reflect Iraq’s urgency to clear excess supply, though market reaction remains cautious amid ongoing shipping risks.