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…
Abu Dhabi National Oil Company (ADNOC) has issued its ninth spot tender for crude oil sales in October and November, as the United Arab Emirates (UAE) strives to increase oil production and exports despite the Hormuz crisis. This is the ninth such tender since June, with sources indicating ADNOC has sold over 100 million barrels of crude to buyers in the preceding eight tenders this summer.
The ninth tender offers buyers the chance to purchase cargoes on a free-on-board basis at UAE's Fujairah Storage, Zirku, or Das Island, or through ship-to-ship transfers at the Fujairah-Sohar range outside the Strait of Hormuz. ADNOC has been actively selling more than 100 million barrels of crude since June, as the Gulf producer exits OPEC and seeks to sell increased crude volumes to international markets.
The UAE has successfully raised its oil exports to pre-crisis levels by June, maintaining crude shipments through the Strait of Hormuz and beyond. In June, the country produced a record 4.1 million barrels per day (bpd) of crude oil. Despite the Hormuz blockade, the UAE has found alternative ways to transport its crude, employing onshore pipelines to ship oil from the west to the east of the country, bypassing Hormuz, and utilizing the Strait in a discreet manner.
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