ADNOC Issues Seventh Crude Tender Since June Despite Hormuz, Red Sea Risks

Abu Dhabi National Oil Company ADNOC has issued its seventh tender offering crude from the United Arab Emirates since the beginning of June, expecting to sell millions of barrels of oil between August and October, both from within and outside the Persian Gulf.

Despite the renewed threats to supply from the Strait of Hormuz and the new threats to shipping in the Red Sea by the Iran-aligned Houthis in Yemen, ADNOC is inviting interested buyers to bid by the middle of next week for crude loading between August and October, Reuters reported on Friday,…