ADNOC Issues Eighth Spot Tender Since June as UAE Ramps Up Crude Exports
The national oil company of the United Arab Emirates has issued its eighth spot tender since June, trade sources told Reuters on Tuesday, as the Gulf producer that has just left OPEC pushes to sell increased crude volumes to international markets. Abu Dhabi National Oil Company (ADNOC) is offering in the latest spot tender cargoes of the Upper Zakum, Umm Lulu, and Das crude grades for loading in…
ADNOC, the national oil company of the United Arab Emirates, has issued its eighth spot tender since June, aiming to sell increased crude volumes to international markets as the country pushes to boost exports beyond pre-crisis levels. The latest tender offers cargoes of Upper Zakum, Umm Lulu, and Das crude grades for loading in October and November, with buyers able to arrange free-on-board delivery at UAE's Fujairah Storage, Zirku, and Das Island, or through transfers at the Fujairah-Sohar range outside the Strait of Hormuz or in Malaysia.
Since early June, ADNOC has sold over 90 million barrels of crude through spot tenders, utilizing a shuttle service to ship crude onto tankers outside the Strait of Hormuz and maximizing the use of its onshore pipeline to bypass the chokepoint.
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