ADNOC's Aggressive New Strategy Drives Spot Sales and Expands Market Share

ADNOC has become more aggressive and nimble in the global oil market since the Iran war disrupted exports, according to trade sources. The state-owned Abu Dhabi National Oil Co. is now selling spot cargoes through tenders, tapping new customers, and offering unprecedented flexibility in its terms and conditions.

In recent months, ADNOC has sold at least 94 million barrels of oil for delivery through October via seven tenders, according to a Reuters tally. This shift could be one of the biggest changes in Gulf oil marketing in decades, reshaping flows from the Middle East to top consumer Asia.

The UAE is gaining Asian market share, accounting for 32% and 27% of Middle Eastern shipments to the region in June and July, respectively. Under Saudi-dominated OPEC, the UAE's recent production target was around 3.5 million barrels per day, but output is expected to hit 5.2 million bpd in 2027, according to the International Energy Agency.