ADNOC Issues Ninth Spot Crude Tender Amid UAE's Ongoing Export Push
The Abu Dhabi National Oil Company (ADNOC) has issued its ninth spot tender for crude oil sales since June, as part of the United Arab Emirates' (UAE) efforts to boost exports despite the ongoing Hormuz crisis.
The tender offers Upper Zakum, Umm Lulu, and Das crude grades from fields inside the Persian Gulf for October and November loadings. ADNOC has sold over 100 million barrels of crude in its previous eight spot tenders since June, with buyers able to purchase cargoes on a free-on-board basis or arrange ship-to-ship transfers at designated locations.
The UAE has managed to increase oil exports to pre-crisis levels as early as June, despite the blockage at the Strait of Hormuz. ADNOC has implemented workarounds to bypass the chokepoint, including shipping crude through the Strait in dark mode and using onshore pipelines to maximize production.