UAE’s ADNOC Increases Purchases of Iraqi Oil at Discounted Prices

Al-Taj News – Reuters, citing informed sources, reported that Abu Dhabi National Oil Company (ADNOC) purchased millions of barrels of Iraqi crude oil at discounted prices from Iraq’s State Organization for Marketing of Oil (SOMO).

The agency quoted two Iraqi sources in the energy sector as saying that ADNOC was the largest buyer of Iraqi crude during August and September, contributing to supporting Iraqi exports, which declined sharply during the first months of the war on Iran.

According to one of the sources, ADNOC agreed to purchase 32 million barrels of Iraqi crude in August, at discounts ranging between $24.90 and $27 per barrel, and to purchase another 40 million barrels in September, including 10 million barrels at a discount of $18 and 30 million barrels at a discount of $25.

The second Iraqi source said that SOMO allocated 32 million barrels to ADNOC in August, but the Emirati company received only 20 million barrels due to export restrictions and the inability of Basra Oil Company to secure sufficient quantities of crude. He added that ADNOC had received 14 million barrels of Iraqi oil since the beginning of September.