Sources: ADNOC trading arm buys millions of barrels of Iraqi crude oil

Abu Dhabi National Oil Company (ADNOC) has purchased millions of barrels of discounted crude from Iraq's state oil company, according to people familiar with the matter, as the UAE state-owned group further expands its role as a trader amid supply disruptions caused by the Iran war. The Emirati state-owned company became the largest buyer of Iraqi crude in August and September through its trading arm, two Iraqi energy sources said, providing crucial support to Iraqi exports that had been severely hit in the early stages of the war. One Iraqi source said ADNOC purchased 32mn barrels of Iraqi crude in August at discounts of $24.90 to $27 per barrel, and bought an additional 40mn barrels in September, including 10mn barrels at a discount of $18 per barrel and 30mn barrels at a discount of $25 per barrel. The second Iraqi source said that although Iraq's State Oil Marketing Organization (SOMO) had allocated 32mn barrels of crude to ADNOC in August, ADNOC actually shipped only 20mn barrels due to export restrictions and Basra Oil Company's inability to secure sufficient crude supplies. As of September, ADNOC had shipped 14mn barrels of crude from Iraq, the person said.