Abu Dhabi state oil firm secures massive discounted Iraqi crude shipments
Abu Dhabi's state oil company became the top buyer of Iraqi crude in August and September, purchasing large volumes at steep discounts.
During August and September, the commercial division of Abu Dhabi's state oil enterprise topped the list of buyers for Iraqi crude, securing extensive shipments at per-barrel discounts between $18 and $27. An Iraqi source explained that while the state oil marketing company allocated a large volume to the Emirati firm, export bottlenecks and insufficient crude from the Basra Oil Company limited the actual amount delivered.
The buyer managed to take a portion of the allocation in August and further secured additional volumes in September-October through tendered shipments, again at discounted prices. These heavily discounted barrels have drawn interest from a range of global purchasers, such as Chinese state giants PetroChina and Zhenhua Oil, as well as European and Asian traders like TotalEnergies, Vitol, Trafigura, Mercuria and Cathay Petroleum.
Why it matters
The deal boosts Iraq's oil export recovery and shows how discount pricing can attract a broad set of international buyers.
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