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Market Chatter: Adnoc Sells UAE Crude Oil to Refiners in Asia

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Abu Dhabi National Oil Co., d/b/a Adnoc, sold at least 14 million barrels of crude oil from the United Arab Emirates during a tender process that wrapped up last week, Bloomberg News reported Monday, citing traders familiar with the matter.

The unnamed sources said refiners from Asia won the tender, with another round expected to close this week. The traders noted that most of the oil was sold at premiums of just a few dollars to the Dubai benchmark. The batch being sold this week is also expected to trade at similar terms.

The volumes will load from June through August, with pick-ups possible from locations that will not require passage through the Strait of Hormuz, which closed amid the Iran war.

State-owned Adnoc did not immediately respond to a request for comment from.

(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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