Post by : Badri Ariffin

The Abu Dhabi National Oil Company (ADNOC) has officially launched a spot tender to auction crude oil cargoes sourced from the UAE, as revealed in a document reviewed by Reuters.

This tender includes cargoes of Upper Zakum, Umm Lulu, and Das crude, all offered on a cost-and-freight (CFR) basis. Buyers interested in participating can indicate their preferred delivery locations when placing their bids.

Bidders can request up to 2 million barrels of crude oil, with delivery scheduled between June and September.

These three grades of crude are extracted from offshore fields in the Arabian Gulf and are typically transported via the Strait of Hormuz, a crucial oil trading route worldwide.

As per the tender document, the pricing for the crude oil will be based on a differential related to either ADNOC's official selling prices (OSPs) or the Dubai crude benchmark.

This tender arrives at a time when global energy markets are scrutinizing oil supply routes amid regional dynamics in the Gulf. ADNOC's current offering allows buyers to choose flexible destination options while enhancing crude supply availability from the UAE.

Included in this tender are some of ADNOC’s primary export grades, which are actively traded in international energy markets and serve as critical crude supply sources for refiners around Asia and further afield.

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