TotalEnergies Offers Millions of Barrels of Iraqi Crude to Asian Buyers

TotalEnergies is offering millions of barrels of Iraqi crude oil to Asian buyers for prompt delivery this month and next, according to traders who received the offers. The French energy major is marketing Basrah Medium and Basrah Heavy grades at deep discounts and on a loading basis, meaning buyers must secure their own tankers.

This move comes as Iraq, one of the Persian Gulf producers most affected by the closure of the Strait of Hormuz, seeks to offload crude in the spot market. The discounts reflect the heightened risk and logistical challenges of moving oil through the chokepoint. For energy traders, the widening spread between Iraqi grades and benchmark Brent signals shifting supply dynamics. Traders can track these price moves on NowPrice's live fuel dashboard.

Looking ahead, market participants will monitor how quickly Asian refiners absorb the discounted cargoes and whether other Gulf producers follow suit. The duration of the Strait of Hormuz disruption remains a key variable, with potential implications for global crude flows and refinery margins.