ADNOC Continues Crude Sales Amid Ongoing Middle East Risks

Abu Dhabi National Oil Company (ADNOC) has issued its seventh crude oil tender since June, despite ongoing risks to supply from the Strait of Hormuz and Red Sea. The company is expecting to sell millions of barrels of oil between August and October, both within and outside the Persian Gulf.

According to Reuters, ADNOC will automatically reject any bid from buyers at a discounted differential in its latest tender. The Abu Dhabi-based oil producer has sold over 74 million barrels of crude since early June through various tenders, using a shuttle service to ship oil onto tankers outside the Hormuz Strait.

ADNOC is offering cargo loadings from UAE ports Zirku and Das Island inside the Persian Gulf, as well as the port of Fujairah outside the Gulf. The company will also facilitate ship-to-ship transfers offshore Fujairah or Malaysia.