Abu Dhabi National Oil Company (ADNOC), the UAE’s state-owned oil and gas producer, has issued a spot tender to market up to 2 million barrels (mmbbl) of crude oil from the UAE, Reuters reported, citing tender documents.
The offering includes cargoes of Upper Zakum, Umm Lulu, and Das crude grades, with deliveries scheduled between June and September. The cargoes are being sold on a cost-and-freight (CFR) basis, allowing buyers to specify their preferred discharge destinations when submitting bids.
The three crude streams are produced from offshore fields in the Arabian Gulf and are typically exported through the Strait of Hormuz.
The tender documents indicate that the crude cargoes will be priced at a premium or discount relative to either ADNOC’s official selling prices (OSPs) or the Dubai benchmark, depending on the grade and transaction terms.
The offering comes as regional energy markets continue to monitor developments affecting shipping routes and crude exports in the Gulf region.
The tender comes amid continued disruptions to energy shipments through the Strait of Hormuz following the outbreak of the US-Iran conflict. ADNOC has maintained some crude exports by using tankers that temporarily switched off their tracking systems while transiting the waterway. The company has utilized a combination of direct deliveries and ship-to-ship (STS) transfers to maintain export flows amid heightened regional tensions.
