ADNOC Issues Ninth Spot Crude Tender Since June as UAE Boosts Exports

Summary

ADNOC has issued its ninth spot crude tender since June, offering Upper Zakum, Umm Lulu, and Das grades for October/November loadings. This is part of the UAE's broader strategy to maximize production and exports, having reportedly reached a record 4.1 million bpd. The frequent tenders underscore ADNOC's aggressive market strategy following its departure from OPEC, utilizing logistical workarounds to bypass the Strait of Hormuz.