Adnoc Offers Crude Oil Shipments in Latest Spot Market Tender

On Friday, trade sources reported that Abu Dhabi National Oil Company (Adnoc) has put crude oil shipments up for sale through a spot market tender, marking the seventh such offering since early June.

The company is offering crude oil cargoes for loading during the period from August to October. According to the sources, Adnoc stated that any buyer bids proposing discounted price differentials will be automatically rejected.

The deadline for submitting bids is set for July 27, with the offers remaining valid at least until July 29.

One trade source indicated that buyers have the option to load their shipments from UAE ports inside the Gulf, such as Zarkouh and Das Island, or from the port of Fujairah outside the Gulf. Shipments may also be transferred via ship-to-ship operations off the coasts of Fujairah or Malaysia.

In previous tenders, Adnoc sold over 74 million barrels of crude oil to refiners and traders, employing a fleet service to quietly transport crude oil out of the Gulf and onto other tankers in the Gulf of Oman.

However, the viability of this fleet service is uncertain amid renewed hostilities between the United States and Iran. At least two UAE tankers have been attacked while transiting the Strait of Hormuz.