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Market Chatter: Adnoc Sells UAE Crude to Asian Buyers at Premiums in 7th Tender

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UAE's Adnoc sold at least 12 million barrels of spot crude to Asian refiners and trading companies at premiums in its latest tender, as renewed US-Iran hostilities disrupted supply flows and triggered a rush for alternative barrels, Reuters reported on Wednesday, citing trade sources.

Indian Oil bought 2 million barrels of Upper Zakum crude for end-August loading at prices ranging from flat to a premium of $1 per barrel against August Dubai quotes on a delivered basis.

Unipec, the trading arm of Sinopec, along with PetroChina and Sinochem, each bought 2 million barrels of Upper Zakum crude at premiums of about $3/bbl to $4/bbl to September Dubai quotes. The cargoes are scheduled for delivery in September and October.

Japan's Idemitsu Kosan purchased 2 million barrels of Das crude at a premium of about $1/bbl to September Dubai quotes on a free-on-board basis. Adnoc did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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