ADNOC offers crude oil in 7th tender issued since June, sources say
- ADNOC offered crude loading from August to October
SINGAPORE: Abu Dhabi National Oil Co is offering crude in a tender, its seventh issued since the start of June, even as shipping disruptions and fighting in the Middle East have escalated, trade sources said on Friday.
ADNOC offered crude loading from August to October.
The producer added that any bid from buyers at a discounted differential would be automatically rejected, the sources said.
Bid submission is due on July 27 and valid until at least July 29.
Buyers can load their cargoes from UAE ports inside the Gulf such as Zirku and Das Island, the port of Fujairah outside the Gulf or ship-to-ship transfers offshore Fujairah or Malaysia, said one of the trading sources.
ADNOC has sold more than 74 million barrels of crude to refiners and traders in its previous tenders, using a shuttle fleet service to quietly move crude out of the Gulf and onto other tankers in the Gulf of Oman.
However, the viability of the shuttle fleet service is unclear as hostilities between the US and Iran have resumed with at least two Emirati tankers attacked while transiting the Strait of Hormuz.
The fighting has caused spot premiums for Middle Eastern crude to rally this week to more than one-month high because of the tightened supply availability. ‑Reuters