ADNOC Presses Ahead with Seventh Crude Tender Amid Strait of Hormuz Risks

Abu Dhabi National Oil Company (ADNOC) has issued its seventh tender for crude oil sales since June, despite ongoing risks to supply from the Strait of Hormuz and the Red Sea. According to Reuters, ADNOC is inviting buyers to bid by mid-week for crude loading between August and October.

The UAE producer will automatically reject any discounted differential bids, as per trade sources. This tender follows the sale of over 74 million barrels of crude in previous tenders since early June. ADNOC ran a shuttle service to ship crude onto tankers outside the Strait of Hormuz during this period.

ADNOC is offering cargo loadings from UAE ports Zirku and Das Island, as well as Fujairah port outside the Gulf, or via ship-to-ship transfers offshore Fujairah or Malaysia. The UAE's crude oil production jumped to 4.1 million barrels per day (bpd) in June, its highest output ever.