Trade sources said on Wednesday Abu Dhabi National Oil Company (ADNOC) sold at
at least 12 million barrels of spot crude at a premium to Asian refiners and
trading houses in its seventh tender. Renewed US–Iran tensions have disrupted
supply and sparked a buying scramble after shipments via the Strait of Hormuz
fell earlier this month. ADNOC has been using shuttle tankers to transship
cargoes to other vessels in the Gulf of Oman to sustain exports, and Asian
refiners, facing shipping delays and tighter supply, have increased purchases of
alternative grades and ADNOC cargoes.