Vitol buys 25M barrels of discounted Iraqi crude as Baghdad pays steep discounts to move oil

Vitol has purchased at least 25 million barrels of Iraqi crude for September loading, becoming Iraq's second-largest buyer behind ADNOC. Baghdad is offering steep discounts of $15-$20.80 per barrel to its official selling prices to keep barrels moving through the Strait of Hormuz, reflecting heightened shipping risks and a buyer's market. This signals sustained pressure on Iraqi oil revenues and highlights the strategic importance of the Strait of Hormuz for global supply.