Abu Dhabi National Oil Co (ADNOC) has sold at least 12 million barrels of spot crude to Asian refiners and trading firms at premiums in its latest tender, according to sources cited by Hindu Businessline.
The transaction marks the UAE state-owned producer's seventh tender since the start of June, with cargoes scheduled for loading between August and October.
The sale underscores the tightening grip of supply constraints on the global oil market.
Renewed hostilities between the United States and Iran have disrupted traditional supply routes, sparking a wave of buying interest from buyers seeking to secure inventory ahead of potential further disruptions.
ADNOC's ability to command premiums in this environment highlights the premium placed on secure, non-Iranian supply sources.
This development is part of a broader strategic shift by ADNOC to navigate the geopolitical risks in the Persian Gulf.