ADNOC Issues Ninth Spot Crude Tender Amid Hormuz Crisis

Abu Dhabi National Oil Company issued its ninth spot crude oil tender since June for loadings scheduled in October and November. The tender includes Upper Zakum, Umm Lulu, and Das crude grades as part of a broader effort to increase oil production and exports.

This activity follows the decision by the United Arab Emirates to leave OPEC on May 1. The country reached a record production level of 4.1 million barrels per day in June. To sustain these volumes during the ongoing Hormuz crisis, the UAE has implemented several logistics workarounds to bypass the Strait of Hormuz blockage.

These measures include utilizing onshore pipelines to transport crude from the west to the east of the country and shuttling crude to larger vessels located outside the strait. Additionally, the UAE has operated tankers in dark mode to maintain the flow of exports.