Abu Dhabi National Oil Company (ADNOC) has emerged as the largest buyer of Iraqi crude in August and September, expanding its role in international oil trading and strengthening Abu Dhabi’s position in global energy markets. Reuters reported that ADNOC’s trading arm has agreed to purchase millions of barrels from Iraq’s state oil marketing company, SOMO.
ADNOC agreed to buy 32 million barrels of Iraqi crude for August, with discounts ranging from about $24.90 to $27 per barrel. For September, the company agreed to purchase another 40 million barrels, including 10 million barrels at an $18 discount and 30 million barrels at a $25 discount, according to Iraqi sources cited by Reuters.
Actual shipments have been affected by export constraints. Of the 32 million barrels allocated to ADNOC for August, the company lifted around 20 million barrels, while it had lifted approximately 14 million barrels during September at the time of the Reuters report.
The purchases highlight ADNOC’s expanding capabilities as an international energy trader. The company has developed greater flexibility through its tanker fleet and the UAE’s oil infrastructure, including routes connected to Fujairah, supporting the movement of crude and access to international markets.
Other major international companies, including PetroChina, Zhenhua Oil, TotalEnergies, Vitol, Trafigura and Mercuria, have also purchased Iraqi crude offered through SOMO.
For the UAE, ADNOC’s growing trading activity demonstrates the strength of Abu Dhabi’s integrated energy ecosystem, combining production, refining, logistics and international trading capabilities. The latest purchases further underline ADNOC’s expanding role in global energy markets and the UAE’s position as a major international energy hub.
