TotalEnergies reportedly offers Iraqi oil to Asian buyers.

Golden Ten Data reported on July 3 that, according to traders, French oil giant TotalEnergies is supplying millions of barrels of Iraqi crude oil to the Asian market, available for rapid delivery, further exacerbating the market's supply glut. TotalEnergies' supply is expected to accelerate Iraq's oil exports. Following improvements in shipping conditions in the Strait of Hormuz, Iraq has lagged other Persian Gulf oil-producing countries in crude oil exports. According to traders who received offers, TotalEnergies is marketing Basra Medium and Basra Heavy crude oil to refiners. Iraq's State Oil Marketing Organization had previously tried to sell crude oil in the spot market at extremely low prices, but shipments could only be supplied on a loaded basis, meaning buyers had to arrange vessels to cross the Strait of Hormuz deep into the Persian Gulf to take delivery. In contrast, traders said TotalEnergies now offers services for collecting and delivering these crudes to customers across Asia.