Iraq, a major rice and wheat importer, has previously faced graft accusations linked to the Trade ministry, which purchases strategic commodities.
The price of OPEC's basket of fourteen crudes stood at $48.69 a barrel on Wedn.
The venture is Al-Iraqia Shipping Services and Oil Trading.
Refiner Thai Oil has bought 1million barrels of North Sea Forties crude to be delivered in November to replace more expensive Middle East oil.
The price of OPEC's basket of fourteen crudes stood at $48.45 a barrel on Tues.
Long-term fuel demand growth to slow down - analysts
Oman's Sohar Aluminium plant said it was assessing how soon production could resume from the 350,000-tonnes-per-year smelter after an "incident" interrupted operations this month.
Mohamad Isa stepped down as chairman of FGV in June following a management crisis.
US President Donald Trump is still expected to impose steel import tariffs on national security grounds .
Global benchmark Brent crude futures were up 6 cents, or 0.12%, at $50.79