The UAE's ADNOC sold at least 12 million barrels of crude oil in its latest tender, all to Asian buyers.. The sale was conducted at premiums above the Dubai price, at a time when tanker traffic through the Strait of Hormuz has been disrupted due to the escalating tensions between the US and Iran.
ADNOC currently uses a fleet of smaller tankers to discreetly transfer crude from the Gulf to other tankers in the Gulf of Oman, but flows have slowed this month.
With shipments delayed, Asian refiners have resorted to filling the gap by purchasing these additional volumes directly from ADNOC.
Buyers:
- Indian Oil Corporation: 2 million barrels of Upper Zakum crude.
- Major Chinese companies (Unipec, PetroChina, Sinochem): 2 million barrels each.
- Japanese refiner Idemitsu: 2 million barrels of Das crude.
This is ADNOC's seventh tender since the beginning of June.
According to Kpler data, the UAE was exporting around 103 million barrels per month before the war. Today, the figures are completely different.
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