ADNOC Unleashes Massive Global Energy Push After OPEC Exit

ADNOC, the state-owned Abu Dhabi National Oil Company, has become more aggressive and nimble since leaving OPEC in May. According to trade sources, ADNOC is now selling spot cargoes through tenders, tapping new customers, offering flexible terms, and dealing with trading houses it previously shunned.

The company's approach is showing results: the UAE is gaining Asian market share, accounting for 32% of Middle Eastern shipments to Asia in June and 27% in July. ADNOC's output is expected to hit 5.2 million barrels per day in 2027, up from its recent production target of 3.5 million bpd.

ADNOC has also deployed a shuttle system to move its crude across the Strait of Hormuz, where traffic has been severely curtailed by the war. The company is expanding its shipping fleet and has recently bought 11 ships for $1.3 billion, including six very large crude carriers capable of carrying two million barrels each.

ADNOC's new approach has been successful in maintaining spot sales despite disruptions caused by the Iran war. The company has sold at least 94 million barrels of oil through seven tenders since June, with some of these sales going to trading houses such as Mercuria and Vitol.