Abu Dhabi National Oil Co. has instructed its customers to resume loading crude oil from ports within the Persian Gulf, citing the recent US-Iran deal and the expected uninterrupted flow of traffic through the Strait of Hormuz.
The company, which has been among the most successful Persian Gulf producers to get supply out through the Strait of Hormuz, had previously offered crude to buyers in a series of tenders, selling at least 30 million barrels so far.
Adnoc has told its customers that failure to pick up the crude would constitute a breach of buyers' lifting obligations, and that the company would be able to assist with its own or affiliated vessels if buyers cannot secure their own tankers.
The UAE is working on plans to lessen its dependence on the Strait of Hormuz chokepoint, with plans to double its capacity to export crude bypassing the Hormuz by next year.
