TotalEnergies SE is offering millions of barrels of Iraqi crude for prompt delivery to an oversupplied Asian market. The French energy giant is marketing Basrah Medium and Basrah Heavy grades to refiners in China, South Korea, and Taiwan.
Non-Chinese buyers are seeing offers at a premium of over $1 to the Dubai benchmark. TotalEnergies is now managing the collection and delivery of shipments, a logistical task previously handled by the buyers themselves.
This move is expected to accelerate oil exports from Iraq as flows through the Strait of Hormuz increase. The surge in supply options for Asian refiners is contributing to downward pressure on global crude prices.