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
Source: OilPrice.com
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DW NOTE
ADNOC is buying Iraqi crude at a $25 discount while Brent trades at $109 and the Strait of Hormuz sits blocked. Iraq has no choice — its southern export terminals are the only option now that northern Kurdish pipelines remain shut and tanker insurance through alternative routes is prohibitive. This isn't opportunism, it's geography turned into monopsony.