UAE Ramps Up Crude Exports With Eighth Spot Tender Post-OPEC Exit

Abu Dhabi National Oil Company (ADNOC) has issued its eighth spot tender since June, seeking to sell increased crude volumes for October and November loading. The tender includes cargoes of Upper Zakum, Umm Lulu, and Das crude grades.

Trade sources estimate ADNOC has sold over 90 million barrels of crude via these spot tenders since early June. The United Arab Emirates, which left OPEC on May 1, has managed to boost its oil exports to pre-crisis levels by June. The country's crude oil production reached a record high of 4.1 million barrels per day in June.

The UAE has employed strategies to maintain export levels, including maximizing its onshore pipeline to bypass the Strait of Hormuz and shipping tankers in dark mode. Vessel-tracking data indicates the UAE shipped more crude out of the Strait of Hormuz in June and July than any other Gulf producer. ADNOC offers delivery flexibility, including at ports within the Persian Gulf and outside the Strait, as well as via ship-to-ship transfers.