Traders said TotalEnergies is offering millions of barrels of Iraqi crude for
prompt delivery to Asian buyers, marketing Basra Medium and Basra Heavy to
refiners and providing load-and-deliver shipping. After shipping via the Strait
of Hormuz improved, Iraq had labeled other Gulf producers on exports;
TotalEnergies' arrangement — contrasting with Iraq's State Oil Marketing
Organization (SOMO), which has been selling deeply discounted spot cargoes on a
lift-only basis — could accelerate Iraqi exports and add to supply pressure in
Asian markets.
