ADNOC is buying tens of millions of barrels of deeply discounted Iraqi crude, processing much of it at home and freeing more of its own barrels for export through a route that avoids the Strait of Hormuz. The UAE producer agreed to buy 32 million barrels of Iraqi crude for August at discounts of $24.90 to $27 per barrel and another 40 million barrels for September, according to sources cited by Reuters. September purchases included 10 million barrels discounted by $18 and another 30 million barrels discounted by $25. Actual liftings have been smaller…

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