Abu Dhabi National Oil Company (ADNOC) has agreed to buy up to 72 million barrels (mmbbl) of Iraqi crude for August and September at steep discounts, Reuters reported, citing Iraqi sources.

ADNOC agreed to purchase 32 mmbbls in August at discounts of $24.90-$27 per barrel, followed by 40 mmbbls for September, including 10 mmbbls at an $18 discount and 30 mmbbls at a $25 discount.

However, ADNOC lifted only 20 mmbbls of the 32 mmbbl allocated in August due to export constraints and difficulties faced by Iraq’s Basra Oil Company in securing sufficient crude. The company has lifted 14 mmbbls so far in September.

According to Reuters, ADNOC also bought about 20 mmbbls from Iraq’s state oil marketing company SOMO through tenders for September-October loading at discounts of $25-$27 per barrel.

Iran granted in August permission for several tankers carrying Iraqi oil to pass through the Strait of Hormuz following ‌repeated requests ⁠from Baghdad through various channels, Iran’s state news agency IRNA reported.

Iraq is currently exporting about 2 million barrels per day (mmbbl/d), down from 2.354 mimbbl/d in August but above 1.374 mmbbl/d in July, according to Kpler data.

Meanwhile, UAE crude exports have risen to 3.236 mmbbl/d this month, up from 2.886 mmbbl/d in August and 2.871 ⁠mmbbl/d ​in July, according to Kpler.

Reuters reported that on the sidelines of the BRICS summit in New Delhi, Iranian President Masoud Pezeshkian on Sunday met with UAE Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, saying the two sides had agreed to put the past behind them.