ADNOC, the UAE’s state oil company, has increased purchases of discounted Iraqi crude as regional conflict disrupts oil supplies. It agreed to buy 32 million barrels in August and 40 million in September, with discounts of up to $27 per barrel, although shipping constraints limited some deliveries, Reuters reported.
The purchases have helped Iraq maintain exports, while other major traders have also bought its discounted crude. ADNOC is using its tanker fleet and pipeline network to move oil and plans to process much of it at its Ruwais refinery, allowing it to sell more of its own crude internationally.
