ADNOC Trading is said to buy millions of barrels of Iraqi crude

Abu Dhabi National Oil Co (ADNOC) has made a significant move in the oil market by purchasing millions of barrels of discounted Iraqi crude, according to sources. The UAE-based state oil company acquired 32 million barrels in August at prices ranging from $24.90 to $27 per barrel, and a further 40 million barrels in September, including 10 million barrels at an $18-a-barrel discount and 30 million barrels at a $25 discount.

ADNOC's activities as a trader have increased amid supply disruptions caused by the Iran war, helping to boost Iraqi exports that were severely limited earlier in the conflict. Other major oil companies, including Chinese state majors and international firms, have also purchased Iraqi crude, taking advantage of SOMO's steeply discounted August-loading cargoes.

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