Sources: ADNOC’s trading division purchased millions of barrels of Iraqi crude oil

According to informed sources, the Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates has purchased several million barrels of discounted crude oil from Iraq’s state-owned oil company. In the context of supply disruptions caused by the Iran war, ADNOC is further expanding its role as a trader. Two Iraqi energy sources stated that this state-owned UAE enterprise, through its trading division, became the largest buyer of Iraqi crude oil in August and September, strongly supporting Iraqi exports that were severely affected in the early days of the war. An Iraqi source revealed that in August, ADNOC purchased 32 million barrels of Iraqi crude at a discounted price of $24.90 to $27 per barrel; in September, it acquired an additional 40 million barrels, including 10 million barrels at a discount of $18 per barrel and 30 million barrels at a discount of $25 per barrel. A second Iraqi source stated that although Iraq’s State Oil Marketing Organization (SOMO) had allocated 32 million barrels of crude to ADNOC in August, due to export restrictions and the inability of the Basra Oil Company to ensure sufficient crude supply, ADNOC actually shipped only 20 million barrels. The source said that by September, ADNOC had shipped 14 million barrels of crude from Iraq.