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Market Chatter: UAE Steps Up Hormuz Oil Exports Amid Conflict

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UAE has emerged as the leading oil exporter through the Strait of Hormuz over the past two months, utilizing unprecedented sales to buffer global energy markets against supply shocks, Bloomberg reported Thursday citing shipping data.

Since June, state-backed Adnoc sold over 130 million barrels across an unprecedented seven tenders, an amount equivalent to more than a month of crude demand from Japan, with most barrels picked up by Asian refiners in Japan and China, the report noted.

The UAE's effective navigation of the bottleneck made it the sole Middle Eastern producer to maintain pre-war levels of seaborne exports through June and July, the report added, citing data from Vortexa.

Adnoc did not respond immediately to' request for comments.

(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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