ADNOC emerges as top buyer of Iraqi crude oil with large discounts

Abu Dhabi National Oil Co (ADNOC) emerged as the largest buyer of Iraqi crude oil during August and the first half of September, according to Iraqi energy industry sources. These purchases have helped bolster Iraqi exports, which had previously faced significant declines due to conflict in the Middle East.

In August, ADNOC secured 32 million barrels of Iraqi oil with discounts ranging from $24.90 to $27 per barrel. In September, an additional 40 million barrels were purchased, including 10 million barrels at an $18 discount and 30 million barrels at a $25 discount. However, due to export restrictions and supply issues at the Basra Oil Company, ADNOC only loaded 20 million barrels of the 32 million allocated for August.

Beyond ADNOC, other major players are also acquiring Iraqi crude at significant discounts. These include Chinese state-owned firms PetroChina and Zhenhua Oil, France's TotalEnergies, and trading houses such as Vitol, Trafigura, Mercuria, and Cathay Petroleum.