ADNOC's trading arm bought tens of millions of barrels of discounted Iraqi crude
from Iraq's state oil company amid supply disruptions from the war in Iran,
sources said. Two Iraqi energy sources said ADNOC became the largest buyer of
Iraqi crude in August and September, bolstering exports that were hit early in
the conflict. One source said ADNOC bought 32 mln barrels in August at discounts
of $24.90–$27/bbl and another 40 mln barrels in September, including 10 mln at a
$18/bbl discount and 30 mln at $25/bbl. A second source said Iraq's state
marketer SOMO allocated 32 mln barrels to ADNOC for August but export limits and
Basra Oil Company supply shortfalls meant ADNOC actually loaded about 20 mln
barrels; as of September ADNOC had shipped roughly 14 mln barrels.
