Abu Dhabi National Oil Company (ADNOC) has just issued its ninth spot tender offering crude oil to buyers for October and November loadings, as the United Arab Emirates (UAE) continues to push its oil production and exports higher despite the Hormuz crisis.
The UAE’s national oil company is offering Upper Zakum, Umm Lulu, and Das crude grades pumped at fields inside the Persian Gulf in its ninth spot tender since June, sources in the trade industry told Reuters on Thursday.
In the previous eight spot tenders this summer, ADNOC is estimated to have sold more than 100 million barrels of crude to buyers.
As in the previous tenders, the ninth spot tender offers buyers the opportunity to buy cargoes on a free-on-board basis at UAE’s Fujairah Storage, Zirku, or Das Island, or arrange ship-to-ship (STS) transfers at the Fujairah-Sohar range outside the Strait of Hormuz, according to Reuters’ sources.
Since June, ADNOC has sold an estimated more than 100 million barrels in spot tenders, as the Gulf producer that has just left OPEC pushes to sell increased crude volumes to international markets.
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 beyond.
The UAE is estimated to have produced 4.1 million barrels per day (bpd) of crude oil in June, its highest output ever.
The UAE, which left OPEC on May 1, has found workarounds to the blockage at the Strait of Hormuz.
It has been shuttling crude through the chokepoint to load it on larger vessels outside the Strait, maximizing the use of its onshore pipeline to ship crude from the west to the east of the country, bypassing Hormuz, and shipping tankers through the Strait in dark mode.
By Tsvetana Paraskova for Oilprice.com
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