Abu Dhabi National Oil Company (ADNOC) has sold more than 30 million barrels (mmbbl) of spot crude oil to Asian refiners and trading firms this month, according to market sources, as buyers moved to secure supplies following the announcement of a US-Iran ceasefire agreement, Reuters reported.

The sales covered Das, Upper Zakum, and Umm Lulu crude grades for June-August loading, with cargoes reportedly marketed at flat prices or slight premiums to the Dubai benchmark. The volumes were purchased by refiners and traders across India, China, Japan, and South Korea.

Indian refiners Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Limited (BPCL) jointly acquired around 6 mmbbl of Abu Dhabi crude. Meanwhile, Japan’s Eneos purchased 3 mmbbl of Das crude, while South Korea’s GS Energy secured 1 million barrels.

For Upper Zakum crude, China’s Unipec bought between 6 and 8 mmbbl, while global commodity trader Vitol acquired 4 mmbbl and Rongsheng Petrochemical purchased 2 mmbbl. South Korea’s SK Energy also bought 7 million barrels of Umm Lulu crude.

The cargoes were offered through ADNOC’s export terminals and storage facilities, including Fujairah, Zirku Island, and Das Island, with buyers given the option of free-on-board or delivered cargo arrangements.

The increased sales activity comes as concerns over supply disruptions in the Strait of Hormuz have eased following diplomatic efforts between the United States and Iran. The waterway remains a critical route for crude exports from the Gulf, including Das, Upper Zakum, and Umm Lulu grades.

Market sources said ADNOC completed the transactions over the past two weeks, highlighting strong Asian demand for Middle Eastern crude amid improving regional stability and competitive pricing.

The massive 30-million-barrel spot sale highlights a swift pivot by Asian refiners who were planning to shift from Gulf supply routes due to intense geopolitical turbulence and severe risk premiums in the Strait of Hormuz.