ADNOC Issues Ninth Spot Crude Tender Since June as UAE Boosts Exports
Abu Dhabi National Oil Company (ADNOC) has just issued its ninth spot tender offering crude oil to buyers for October and November loadings, as the United Arab Emirates (UAE) continues to push its oil production and exports higher despite the Hormuz crisis. The UAE’s national oil company is offering Upper Zakum, Umm Lulu, and Das crude grades pumped at fields inside the Persian Gulf in its ninth…
ADNOC, the Abu Dhabi National Oil Company, has issued its ninth spot crude tender since June, as the UAE boosts its oil exports despite the Hormuz crisis. The tender offers Upper Zakum, Umm Lulu, and Das crude grades from Persian Gulf fields for October and November loadings. ADNOC is estimated to have sold over 100 million barrels of crude in the previous eight tenders, and the ninth tender continues this trend.
The UAE has managed to increase its oil exports to pre-crisis levels, producing 4.1 million barrels per day in June, its highest output ever. The country has found ways to circumvent the Hormuz blockage, shipping crude through the Strait to larger vessels outside the chokepoint and maximizing its onshore pipeline to ship crude from the west to the east of the country.
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