SEATTLE (Oil Monster): Abu Dhabi National Oil Company (ADNOC) has significantly increased spot crude oil sales to Asian buyers. As per data, it sold more than 30 million barrels of crude during June as refiners secured supplies following the announcement of a U.S.-Iran ceasefire agreement.
According to market sources, the sales included Das, Upper Zakum, and Umm Lulu crude grades for loading between June and August. The cargoes were reportedly sold at flat prices or slight premiums to the Dubai benchmark.
The prominent purchases came from refiners and trading companies, mainly in India, China, Japan, and South Korea. Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Limited (BPCL) jointly purchased around 6 million barrels, while Japan’s Eneos acquired 3 million barrels of Das crude. Also, South Korea’s GS Energy secured 1 million barrels, and SK Energy purchased 7 million barrels of Umm Lulu crude.
Additionally, Unipec purchased between 6 and 8 million barrels of Upper Zakum crude. Global commodity trader Vitol acquired 4 million barrels, while Rongsheng Petrochemical bought 2 million barrels.
All the above transactions were completed through ADNOC’s export terminals and storage facilities at Fujairah, Zirku Island, and Das Island.
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