ADNOC Rewrites Gulf Oil Playbook After OPEC Exit

Abu Dhabi National Oil Company (ADNOC) has undergone significant changes since exiting OPEC in May, becoming more aggressive and nimble in its approach to crude oil sales. According to trade sources, ADNOC has started selling spot cargoes through tenders, tapping new customers, and offering flexibility in terms and conditions.

The company has also deployed a shuttle system to move its crude across the Strait of Hormuz, where traffic has been severely curtailed by the war and vessels have faced attack. ADNOC is expanding its shipping fleet, having recently bought 11 ships for $1.3 billion.

The shift in strategy could be one of the biggest changes in Gulf oil marketing in decades, reshaping flows from the Middle East to top consumer Asia. ADNOC's approach has shown results, with the UAE gaining Asian market share and accounting for 32 percent of Middle Eastern shipments to the region in June.