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ADNOC Issues Eighth Spot Tender Since June as UAE Ramps Up Crude Exports
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Oilprice.com
Abu Dhabi National Oil Company (ADNOC) is offering in the latest spot tender cargoes of the Upper Zakum, Umm Lulu, and Das crude grades for loading in October and November, according to Reuters’ sources.
In the previous spot tender at the end of July, ADNOC expected to sell millions of barrels of oil between August and October, both from within and outside the Persian Gulf.
The UAE has managed to boost its oil exports to pre-crisis levels as early as June, as it has kept pushing crude through the Strait of Hormuz and outside it.
The UAE, which left OPEC on May 1, has found workarounds to the blockage at the Strait of Hormuz.
The UAE is estimated to have produced 4.1 million barrels per day (bpd) of crude oil in June, its highest output ever.