Three people with knowledge of the matter said that Abu Dhabi National Oil Co (ADNOC), a trading firm in the face of supply disruptions caused by the Iran War, has purchased millions of barrels of discounted crude oil from Iraq's State Oil Firm.
Two Iraqi energy sources reported that the state company through its trading arm was the largest lifter of Iraqi oil in August and September, helping to boost Iraqi exports, which had been severely cut in the early months of the war.
One of the Iraqi sources said that ADNOC had agreed to purchase 32 million Iraqi barrels for $24.90-$27 per barrel in August, and another 40 million barrels for $27 in September. This included 10 million barrels with a $18 discount, and 30 million barrels with a $25 discount.
According to the second Iraqi source, despite Iraq's state oil marketing organization SOMO having allocated ADNOC a total of 32 million barrels for August, ADNOC lifted 20 millions barrels because of export restrictions and Basra Oil Company not being able to secure enough?crude.
ADNOC has so far lifted 14 millions Iraqi barrels in September, a person told me.
Third source claimed that ADNOC had purchased about 20 million barrels from Iraqi?state owned SOMO? in tenders for a discount between $25 and $27 per barrel.
Other companies are also buying Iraqi crude. SOMO offered August loading cargoes?at steep discount, attracting other buyers, including Chinese state-majors PetroChina and Zhenhua Oil as well as TotalEnergies and?Vitol. Trafigura Mercuria, and Cathay?Petroleum.
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