ADNOC Issues Eighth Spot Tender Since June as UAE Accelerates Post-OPEC Supply Push
Abu Dhabi's national oil company has now sold over 130 million barrels through spot tenders in roughly ten weeks, sustaining volume pressure on global crude benchmarks.
Abu Dhabi National Oil Company issued its eighth spot crude tender since June on Wednesday (2026-08-12), trade sources told Reuters, extending what has become an unprecedented run of discretionary sales as the UAE moves aggressively to monetise production freed from OPEC quotas.7
Since the start of June, ADNOC has sold over 130 million barrels across seven prior tenders, traders familiar with the matter told Reuters, asking not to be named as they are not authorised to speak publicly. That volume, compressed into roughly ten weeks, puts the pace of spot selling well above anything the UAE has run before. ICE Brent crude front-month was trading at $88.89 per barrel as of 1952 UTC on 2026-08-11, leaving ADNOC's discounted tender prices compressing netbacks for competing medium-sour grades.7
The UAE formally quit OPEC on 2026-04-28, citing national production policy and long-term capacity ambitions after years of friction over quota constraints. The exit came as the organisation was already under strain from the Iran conflict and broader Gulf supply disruptions.6,2
Production recovered sharply once Abu Dhabi was free to move. UAE output climbed above 3.8 million barrels per day in June, the highest level since April 2020, two sources familiar with production data told Reuters on Monday (2026-07-06). Bloomberg data pointed even higher, with exports reaching 3.94 million barrels per day, just shy of a late-2025 record.5,43
The contrast with the conflict period is stark. The UAE told OPEC it had pumped only 2.11 million barrels per day in May, at the height of conflict-related shutdowns, compared with around 3.40 million barrels per day in February. The International Energy Agency assessed both figures differently, putting May output at 2.8 million barrels per day and February at 3.64 million — a divergence that traders said added uncertainty to assessments of how much spare capacity Abu Dhabi is actually drawing down.4
Abu Dhabi has a stated capacity target of 4.9 million barrels per day, meaning the June production figure still leaves significant headroom. Jorge Leon at Rystad has flagged the UAE, alongside Saudi Arabia, as one of the few producers with enough spare capacity to materially add to the market during a period of supply stress.1,2
Saudi Arabia and the UAE together account for the majority of the world's total spare capacity of more than 4 million barrels per day, according to analyst estimates. Saudi crude exports averaged 4.32 million barrels per day in June, Vortexa data show, still running roughly 3 million barrels per day below February levels as Riyadh rebuilds its own capacity more cautiously.4
The broader Gulf picture showed a sharp recovery. Combined crude and condensate exports from Saudi Arabia, the UAE, Kuwait, Iraq and Iran rose by more than 3.5 million barrels per day from May to reach 10.07 million barrels per day in June, Kpler data show. Vortexa estimated June flows at 10.2 million barrels per day, up from 7 million barrels per day in May but still less than two-thirds of the 16.5 million barrels per day recorded a year earlier.4
The Strait of Hormuz has remained a constraint. The UAE has moved more oil through the strait than any other producer over the past two months, according to Rigzone, providing a partial buffer during a period when the conflict has kept some cargoes moving through alternative channels. Dark crossings — shuttling barrels to waiting vessels outside Hormuz — picked up again following recent strikes, people familiar with the matter told Reuters in early August (2026-08-06).7
ADNOC has been pricing its tender barrels at discounts to attract buyers, traders told Reuters, a practice that underlines how Abu Dhabi is prioritising volume over margin in the near term.3,4
Whether the eighth tender draws the same appetite as the prior seven depends partly on how Hormuz transit risk evolves. A deal to reopen the strait would likely increase the volume of oil clearing the Persian Gulf, but negotiations have moved in fits and starts over recent months, and traders familiar with the flows said the stop-start pattern means commitments remain thin. The next tender result will show whether buyers are still willing to absorb incremental Abu Dhabi barrels at current discounts, or whether spot appetite is beginning to soften.7