UAE buys Iraqi oil at $27 discount

Reports have shown that the Emirati company ADNOC purchased millions of barrels of Iraqi oil last month under a new contract with discounts of up to $27 per barrel. Last month, it acquired 32 million barrels at discounts ranging from $24.90 to $27, and signed a contract for an additional 40 million barrels, with discounts between $18 and $25 per barrel. The UAE refines Iraqi oil in the Ruwais refineries and then exports it to the global market through its pipeline in Fujairah, as part of strengthening its relations with Iraq and meeting global oil demand.

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