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.