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Abu Dhabi's Adnoc Still Lifting Iraqi Crude, TotalEnergies Offers it Outside Hormuz Strait: Media Reports

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Iraq is making crude oil sales to the UAE's Adnoc from inside the troubled Persian Gulf as the buyer remains willing to navigate the Strait of Hormuz to take it away, Bloomberg reported on Thursday, while France's TotalEnergies (TTE) is offering Iraqi crude from outside of the gulf, Reuters reported.

Iraq's State Organization for Marketing of Oil has said that UAE's Adnoc remains a key buyer of Iraqi oil, as the producer successfully leverages specialized logistics to maintain crude flows out of the Persian Gulf, the Bloomberg article said, citing Somo Director General Ali Nizar.

Adnoc's trading arm has increasingly offered to shuttle exports of Iraqi crude through the Strait of Hormuz, the article said.

TotalEnergies trading arm Totsa is offering Iraqi crude for loading outside of the Strait of Hormuz, three traders told Reuters on Thursday, maintaining the flow of some supply to importers unwilling to arrange their own collection by making the perilous crossing.

Totsa's Basrah Medium crude is on offer at a premium of nearly $10 versus Dubai quotes, according to two of the traders.

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