Exclusive-UAE’s ADNOC buys millions of barrels of Iraqi crude, sources say
The UAE producer is processing much of the crude at home to free more of its own barrels for export, Reuters sources said.
- Abu Dhabi National Oil Co has purchased millions of barrels of discounted crude from Iraq's state oil firm SOMO, expanding its trading role amid Iran war supply disruptions, according to Reuters.
- Iraq's crude exports face severe constraints due to the war, leaving barrels exposed to Persian Gulf disruptions, while the UAE can transport oil via pipelines to Fujairah, bypassing the Strait of Hormuz.
- For September, ADNOC agreed to purchase 40 million barrels of Iraqi crude, including 10 million at an $18 discount and 30 million at $25 off, processing much of this oil at its Ruwais refinery.
- Steep discounts on Iraqi crude have drawn other buyers including PetroChina, TotalEnergies, and Vitol, though export constraints limited ADNOC's actual August liftings to about 20 million barrels.
- Meanwhile, UAE crude exports have risen to 3.236 million bpd in September from 2.871 million in July, as Iraq aims to raise production to between 8 million and 10 million bpd within six years.
12 Articles
12 Articles
United Arab Emirates (UAE) state-owned energy company Abu Dhabi National Oil Co (ADNOC) has bought millions of barrels of crude oil from Iraq's state oil company SOMO at a discounted price.
Abu Dhabi National Oil Company (ADNOC) has bought tens of millions of barrels of Iraqi crude at a significant discount amid supply disruptions caused by the Iran war, further strengthening its trading position in the region, Reuters reported. We will also cover similar topics at our Portfolio Investment Day conference on October 21. One of the biggest investment events of the year is coming, where professional experts will tell you what to inve…
ADNOC Scoops Up Iraqi Crude at $25 Per Barrel Discount
ADNOC is buying tens of millions of barrels of deeply discounted Iraqi crude, processing much of it at home and freeing more of its own barrels for export through a route that avoids the Strait of Hormuz. The UAE producer agreed to buy 32 million barrels of Iraqi crude for August at discounts of $24.90 to $27 per barrel and another 40 million barrels for September, according to sources cited by Reuters. September purchases included 10 million ba…
Exclusive-UAE’s ADNOC buys millions of barrels of Iraqi crude, sources say
By Nidhi Verma and Ahmed Rasheed NEW DELHI/BAGHDAD, Sept 15 (Reuters) - Abu Dhabi National Oil Co (ADNOC) has bought millions of barrels of discounted crude from Iraq's state oil firm, three people familiar with the matter said, expanding its role as...
Key takeaways According to various sources familiar with the situation, the Abu Dhabi National Oil Company (ADNOC) has purchased millions of barrels of Iraqi oil at reduced prices. Reuters reports this. This move indicates ADNOC's growing influence in the trade sector, particularly now that regional conflicts involving Iran have the traditional […]
fararu.com
asriran.comAbu Dhabi National Oil Company (ADNOC) has purchased millions of barrels of crude oil at a discounted price from the Iraqi state oil company, according to three people familiar with the matter.
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