Abu Dhabi National Oil Company (ADNOC) has sold about 16 million barrels of Emirati crude at wider discounts in a fifth spot tender issued since June, trade sources said, underscoring a surge in spot supply.
ADNOC widened its pool of buyers to include Chinese independent refiners in the latest tender, although the producer also awarded cargoes at larger discounts to compete against rising supplies from other Persian Gulf producers, they added.
The latest sale brings ADNOC’s spot crude sales through the tenders to more than 70 million barrels, according to Reuters calculations. The UAE exported 101.4 million and 95.2 million barrels of crude in January and February, respectively, before the US-Iran war effectively blocked flows via the Strait of Hormuz, Kpler data showed.