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2026-09-15 22:50:08
[Sources: ADNOC Trading Unit Purchases Millions of Barrels of Iraqi Crude Oil] According to sources familiar with the matter, Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates has purchased millions of barrels of discounted crude oil from Iraqi state-owned oil companies, further expanding its role as a trader amid supply disruptions caused by the war with Iran. Two Iraqi energy sources stated that the UAE state-owned enterprise, through its trading unit, became the largest buyer of Iraqi crude oil in August and September, providing significant support to Iraqi exports, which had been severely hampered in the early stages of the war. One Iraqi source said that ADNOC purchased 32 million barrels of Iraqi crude oil in August at a discount of $24.90 to $27 per barrel; and an additional 40 million barrels in September, including 10 million barrels purchased at a discount of $18 per barrel and 30 million barrels purchased at a discount of $25 per barrel. A second Iraqi source stated that although the Iraqi National Oil Marketing Organization (SOMO) allocated 32 million barrels of crude oil to ADNOC in August, ADNOC actually only shipped 20 million barrels due to export restrictions and the Basra Oil Company's inability to secure sufficient supply. The source indicated that by September, ADNOC had shipped 14 million barrels of crude oil from Iraq.
