Abu Dhabi National Oil Company (ADNOC) has spent $1.3bn to expand its tanker fleet to capitalise on a surge in crude exports after the country left OPEC. ADNOC is routing more oil via the contentious Strait of Hormuz. Its shipping unit has nearly doubled VLCCs to 14 from 8, each carrying about 2 million barrels, and bought five gas carriers. Despite most shipping lanes through the Strait being cut off by the US–Iran war, ADNOC’s crude shipments in the past two months exceeded those of any other

Abu Dhabi National Oil Company (ADNOC) has spent $1.3bn to expand its tanker fleet to capitalise on a surge in crude exports after the country left OPEC. ADNOC is routing more oil via the contentious Strait of Hormuz. Its shipping unit has nearly doubled VLCCs to 14 from 8, each carrying about 2 million barrels, and bought five gas carriers. Despite most shipping lanes through the Strait being cut off by the US–Iran war, ADNOC’s crude shipments in the past two months exceeded those of any other producer.