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Market Chatter: Vitol Buys 25 Million Barrels Of Iraqi Crude For September Loading

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Global energy trader Vitol has bought at least 25 million barrels of Iraqi crude for September loading, Reuters reported on Thursday, as Iraq offers steep discounts to sustain exports amid disruptions in the Strait of Hormuz.

The purchase reportedly makes Vitol the second-largest buyer of Iraqi crude after Abu Dhabi National Oil Company, or Adnoc. Reuters previously reported that Adnoc agreed to buy 32 million barrels for August at discounts of $24.90 per barrel to $27/bbl, followed by 40 million barrels for September, including 10 million barrels discounted by $18 and 30 million barrels by $25.

Vitol, Iraq's state oil marketer SOMO and Adnoc did not immediately respond to requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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