TotalEnergies Launches Asian Tender for Millions of Iraqi Barrels in July
TTE•TotalEnergies has launched a tender offering millions of barrels of Iraqi crude, scheduled for loading in July for delivery to Asian refiners. This increased supply into Singapore and Fujairah hubs could intensify competition and pressure regional benchmark values, potentially squeezing TotalEnergies’ downstream margins.
1. Tender Details
TotalEnergies has launched a tender for multiple cargoes totaling millions of barrels of Iraqi crude, including Basra Light, scheduled for loading in July for delivery to Singapore and Fujairah refiners.
2. Regional Supply Growth
Asian inventory levels at major trading hubs have risen in recent weeks as OPEC+ producers and independent suppliers release additional cargoes, increasing competition for refining capacity in Singapore and the UAE.
3. Market Implications
The influx of Iraqi barrels could exert downward pressure on regional benchmark prices and compress margins for TotalEnergies’ downstream operations, as refiners negotiate terms amid ample supply.
