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Vitol Group said it is offering Iraqi Basrah crude to customers, according to people familiar with the matter, in a sign that some cargoes may have already managed to leave the Arabian Gulf region.
The people, who asked not to be identified because the negotiations are private, explained that Vitol has offered cargoes to refineries over the past days, where "Basrah Medium" and "Basrah Heavy" crudes are available on a ship-to-ship transfer basis in the waters off the port of Fujairah in the UAE, according to Bloomberg.
If confirmed, this would be one of the rare instances where Iraqi oil is offered in the spot market and by traders since the start of the war and the imposition of restrictions on the Strait of Hormuz.
During the past months, the bulk of the Arabian Gulf production remained trapped and unable to leave the region, while the Abu Dhabi National Oil Company (ADNOC) was among the first entities to succeed in getting its oil out through the strait.
Iraqi oil shipments are loaded from ports located deep within the Arabian Gulf, where most quantities are supplied to companies holding stakes in the country's fields or having long-term contracts with the State Organization for Marketing of Oil (SOMO).
