TotalEnergies NYSE:TTE 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. Traders said the French oil major is marketing Basrah Medium and Basrah Heavy to refiners after shipping through the Strait of Hormuz improved, possibly helping accelerate Iraqi exports into key Asian markets.
The offer could make Iraqi crude more attractive for Asian buyers because TotalEnergies is arranging delivery to customers across South Korea, Taiwan, and China. That differs from SOMO's earlier spot-market offers, where buyers had to arrange vessels themselves to enter the Gulf, transit Hormuz, and collect discounted barrels on a loading basis.
The timing matters because oil flows through Hormuz have picked up after an interim peace deal between the US and Iran, giving Asian refiners more supply options. Traders said 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.