Gulf oil and gas producers have devised ways to ship an increasing amount of oil through the Strait of Hormuz since Iran closed the waterway in March. Around 1-2mn b/d of oil is now being shipped out through the strait, supplementing the approximately 7mn b/d being exported by Saudi Arabia, the UAE and Iraq through their Hormuz-bypass systems (MEES, 12 June).
In a sign of increased transits, Abu Dhabi state firm Adnoc has in recent weeks released at least two rare tenders to sell its offshore crude grades that have been trapped inside the Gulf since March (MEES, 6 March). The tenders cover the sale of Upper Zakum, Das, and Umm Lulu grades for loading in June, July, and August, according to multiple reports. Buyers can bid for up to 2mn barrels for prompt delivery though appetite from refiners has been mixed. (CONTINUED - 1296 WORDS)
