ADNOC launches ninth spot crude tender since June, sources say

Business Recorder reported, citing trade sources, that Abu Dhabi National Oil Company (ADNOC) has put out a spot crude tender, its ninth since early June. The lots are Upper Zakum, Umm Lulu and Das grades, all produced from fields inside the Gulf, with shipments scheduled for October and November. The state producer is running these sales while it pulls barrels out of the Strait of Hormuz.

Bids close on August 24 and stay valid until August 26. Buyers can take cargoes free-on-board from the UAE at Fujairah Storage, Zirku or Das Island, or arrange ship-to-ship handovers across the Fujairah-Sohar range. A separate offer covers the same three grades for October to December loading on a cost-and-freight basis.

One source said offers priced below a $3-per-barrel premium over Dubai, calculated through a netback Fujairah STS formula, will be rejected automatically. Earlier tenders have already moved more than 100 million barrels to refiners and traders, with the company relying on shuttle vessels to carry crude from the Gulf to tankers waiting in the Gulf of Oman.