The Abu Dhabi National Oil Company (ADNOC) has bought millions of barrels of discounted crude from Iraq’s state oil firm, expanding its role as a trader amid supply disruptions from the Iran war, Reuters reports citing three people familiar with the matter.
The state company, through its trading arm, was the biggest lifter of Iraqi crude in August and September, two Iraqi energy sources say, helping boost Iraqi exports that had been severely curtailed in the earlier months of the war.
ADNOC agreed to buy 32 million Iraqi barrels in August at discounts ranging from $24.90 to $27 a barrel, and a further 40m barrels in September, including 10m barrels at an $18-a-barrel discount and 30 million barrels at a $25 discount, one of the Iraqi sources says.
