Abu Dhabi National Oil Co. cut the volume of crude for its onshore partners by about a fifth for this month, although the flows will still go to a port outside the all-but-shuttered Strait of Hormuz.
The state-owned oil producer told its equity partners that they will be permitted to load only 80 percent of their remaining Murban barrels for March, people familiar with the matter said. No specific reason was given, they said, asking not to be identified as they’re not allowed to speak publicly.
Still, the shipments of the United Arab Emirates’ flagship grade crude can still be picked up from the port of Fujairah, they said. Earlier, the company had said they would need to be collected from Jebel Dhanna, a facility located inside the Persian Gulf, which would have required passage through the strait.
The global oil market has been pitched into turmoil by the war between the US, Israel and Iran, with the International Energy Agency describing the disruption as unprecedented. Tehran has been striking out across the Middle East, including at the UAE, with missiles and drones, as well as at vessels. The Strait of Hormuz – which links the Persian Gulf to global markets – is effectively closed.
With the conflict at the two-week mark, Adnoc’s move follows other instances of Asian refiners being unable to pick up their March-loading shipments. Some buyers have had their Middle East orders dropped over a lack of transport options, traders familiar with the matter said.
Adnoc owns 60 percent of the onshore concession, which has capacity to pump about 2 million barrels of Murban a day. TotalEnergies SE, BP Plc, China National Petroleum Corp., Inpex Corp., Zhenhua Oil Co. and GS Energy Corp. hold the rest.
Adnoc and Inpex declined to comment. The five other equity partner companies didn’t respond to requests for comment.
Meanwhile, Adnoc’s trading arm is marketing Murban barrels on the spot market for loading this month and next, traders in Asia said. It is seeking to sell the volumes at prices linked to the Dubai benchmark, they added.
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