ADNOC Scoops Up Iraqi Crude at $25 Per Barrel Discount

AI Summary

ADNOC is purchasing tens of millions of barrels of Iraqi crude oil at discounts up to $27 per barrel to process domestically and increase its own exports via routes avoiding the Strait of Hormuz. The deals span purchases in August and September and involve substantial discounted volumes.

ADNOC is buying tens of millions of barrels of deeply discounted Iraqi crude, processing much of it at home and freeing more of its own barrels for export through a route that avoids the Strait of Hormuz. The UAE producer agreed to buy 32 million barrels of Iraqi crude for August at discounts of $24.90 to $27 per barrel and another 40 million barrels for September, according to sources cited by Reuters. September purchases included 10 million barrels discounted by $18 and another 30 million barrels discounted by $25. Actual liftings have been smaller…