Vitol Scoops Up 25 Million Barrels of Discounted Iraqi Crude

AI Summary

Vitol has acquired at least 25 million barrels of Iraqi crude oil at a significant discount for September delivery, securing a large share of Iraq's oil exports. Iraq is offering steep price discounts to maintain oil flow through the Strait of Hormuz amid regional tensions.

Vitol has bought at least 25 million barrels of Iraqi crude for September loading, making the world’s largest independent oil trader Iraq’s second-biggest buyer behind ADNOC as Baghdad pays steep discounts to keep barrels moving through the Strait of Hormuz. Iraq’s SOMO offered September crude at discounts of $15 to $20.80 per barrel to its official selling prices, according to a tender document reviewed by Reuters. Trading sources said some cargoes sold at even larger discounts. The discount buys something Iraq badly needs right…