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Reuters reported that the sales in the latest tender brought ADNOC’s total crude volumes moved through seven tenders to more than 86 million barrels since the start of June. The producer offered Murban, Upper Zakum, Umm Lulu and Das grades for loading between August and October. Trade sources indicated ADNOC had sought a premium of around $10 a barrel for Murban although it was unclear whether any cargoes of that grade were awarded in the process.
Indian Oil Corp purchased 2 million barrels of Upper Zakum for end-August loading at a level ranging from flat to a $1 premium to the August Dubai benchmark on a delivered basis, the sources added. Unipec, the trading arm of Sinopec, along with PetroChina and Sinochem each acquired 2 million barrels of Upper Zakum at premiums of $3 to $4 a barrel against September Dubai quotes for delivery in September and October. Idemitsu Kosan of Japan secured 2 million barrels of Das crude at a premium of about $1 a barrel to September Dubai on a free-on-board basis, according to the sources.
The International Energy Agency analysis based on Kpler data placed average daily oil transit through the Strait of Hormuz at nearly 20 million barrels in 2025, highlighting the route’s centrality to Asian supply lines. Renewed hostilities between the US and Iran have caused flows through the strait to drop sharply this month, Reuters noted in its coverage. Asian refiners have therefore stepped up purchases of available Middle East grades to offset the tightening supplies.
ADNOC has deployed a shuttle fleet service to move crude from within the Gulf onto other tankers in the Gulf of Oman, although overall exports have slowed, the reporting added. Kpler data cited by Reuters showed UAE crude exports reached a record 3.7 million barrels per day in June before the escalation. Prior to the conflict the same tracking service placed UAE exports at 103 million barrels in January and 95 million barrels in February.
The latest tender marked the seventh issued by ADNOC since early June as the company navigates the disrupted market, trade sources told Reuters. The producer has asked South Korean buyers to improve their bids by Wednesday afternoon to finalise further sales. Industry tracking indicates that Middle East crude premiums have risen across the board as Asian refiners seek replacement barrels from alternative sources.
