Abu Dhabi Tells Buyers to Load Oil Shipments Inside Hormuz
(Bloomberg) Abu Dhabi National Oil Co. has told its customers to resume loading its crude oil from ports within the Gulf, the company said in a notice sent to customers seen by Bloomberg and corroborated by term lifters.
The United Arab Emirates state-owned producer said oil from its ports at Das and Zirku islands, which are located inside the Gulf, has been available for loading since April 27. Failure to pick up the crude would constitute a breach of buyers’ lifting obligations, it added.
In light of the recent US-Iran deal and “the envisaged uninterrupted flow of traffic through the Strait of Hormuz, we expect that all cargoes will be lifted in accordance with the published loading programs,” it said in its notice to the company’s long-term buyers.
If buyers can’t secure their own tankers, Adnoc would be able to assist with its own or affiliated vessels. The company also cited its general terms and conditions for the sale of crude oil, which states that a buyer shall pay compensation to the seller in the event of a failure to take delivery.
Adnoc declined to comment.
The company had been among the most successful of Gulf producers to get supply out through the Strait of Hormuz, offering crude to buyers in a series of tenders. It has sold at least 30 million barrels so far, with more likely to transact this week. Other sellers like Kuwait have also been getting oil out of the gulf.
The United Arab Emirates recently left the Organization of the Petroleum Exporting Countries, allowing the country to ramp up production as it’s no longer bound by cartel-wide limits. The nation is one of the few regional producers with large amounts of spare production capacity and has long chafed at OPEC’s curbs.
The UAE is working on plans to lessen its dependence on the Strait of Hormuz chokepoint. It will double its capacity to export crude bypassing the Hormuz by next year by accelerating the construction of a pipeline that runs to the port of Fujairah on the Gulf of Oman.
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