Abu Dhabi National Oil Co (ADNOC) is selling significant Gulf-origin crude to
Asian traders and refiners via tenders, the first such sales since the outbreak
of the Iran war. A tender concluded last week booked at least 14 mln barrels
across Upper Zakum, Umm Lulu and Das grades, with most volumes Upper Zakum,
which typically loads from Zirku island. Shipments are slated for June–August,
and a further tender with similar terms closes this weekend and is expected to
add volumes. Cargoes can be lifted at Fujairah or Sohar, avoiding transit of the
Strait of Hormuz. Buyers include refiners in Japan, South Korea and India.
Transaction prices were only a few dollars above Dubai quotes, with at least one
cargo reportedly sold at about $1/bbl below Dubai.
