Commodities
Home›Commodities›Energy›ADNOC launches seventh crude tender for Aug to Oct car…
ADNOC launches seventh crude tender for Aug to Oct cargoes
The UAE producer expects to sell millions of barrels, and it will automatically reject bids with discounted differentials in the latest tender.
ADNOC has issued a seventh crude oil tender since the start of June, seeking buyers for cargo loadings scheduled between August and October, with offerings both inside and outside the Persian Gulf, OilPrice reports citing trade sources and Reuters.
According to the report, ADNOC is inviting bids by the middle of next week and expects to sell millions of barrels, using routes that can include UAE ports Zirku and Das Island, the port of Fujairah outside the gulf, and ship to ship transfers offshore Fujairah or Malaysia amid risks to shipping through the Strait of Hormuz and the Red Sea.
The company is also expected to have sold more than 74 million barrels of crude to buyers in previous tenders since early June, the report adds, describing a shuttle approach to load tankers outside the Strait of Hormuz.
Just before hostilities returned in the Middle East, the UAE was estimated to have produced 4.1 million barrels per day of crude in June, its highest output ever, after raising output following leaving OPEC effective May 1.
Latest closeWTI crude $92.23 ▲6.2%