ADNOC buys tens of millions of barrels of Iraqi crude at steep discounts

Summary

ADNOC is purchasing large volumes of Iraqi crude at discounts of $18-$27 per barrel to process in its domestic refineries. This strategy allows the UAE NOC to free up its own higher-value crude for export via the Fujairah pipeline, bypassing the geopolitically sensitive Strait of Hormuz and capitalizing on Iraq's export constraints.