Abu Dhabi National Oil Company has sold 30 million barrels of spot oil to Asian refiners and traders this month, and is offering more this week. This will boost exports in the wake of the U.S. - Iran ceasefire.

The United Arab Emirates producer sold cargoes containing Das, Upper Zakum, and Umm Lulu to refiners and trading companies in India, China and Japan, as well as South Korea, South Korea, and Japan. The sources stated that some were priced flat or at a slight premium to Dubai benchmarks, for loadings between June and August.

The crude oil grades must be transported through the Strait of Hormuz.

The sales took place over the past two weeks in preparation for the signing of an initial agreement between Iran and the U.S. to end the conflict.

ASIAN BUYERS

Sources say that Indian state refiners Indian Oil Corp. and Bharat Petrol Corp. have purchased a total of 6 million barrels?of Abu Dhabi crude oil this month.

They added that the cargoes sold were at cost and delivered prices in Dubai, or at a premium of $1 to $2 per barrel.

ADNOC sold 3 million barrels Das crude to Japan’s largest refiner Eneos, and 1 million barrels GS Energy in South Korea.

Sources said that China's Unipec (the trading arm of Sinopec), bought 6 to 8 millions barrels for Upper Zakum. Vitol purchased 4 million barrels while Rongsheng Petrochemical took 2 million barrels.

SK Energy, the largest refiner in South Korea, bought 7 million barrels from Umm Lulu crude. Two traders claimed that some cargoes had been?sold for a premium. Normally, companies do not comment on sales.

ADNOC provided the cargoes as a "free-onboard" basis, either from the storage facility in Fujairah or the terminals at Zirku and Das Island, or via ship-to -ship transfers from the UAE, Oman, or Malaysia. The buyers also had the choice of cost and freight delivery.

ADNOC didn't?response immediately to a request for comment.

Since the Iran War began, ADNOC has exported crude and products, switching off transponders in order to reduce the risk Iranian attacks. Cargoes are either shipped directly to buyers or transferred ship-to -ship. Reporting by Nidhi verma from New Delhi and Siyi Liu in Singapore. Mark Potter is the editor.

(source: Reuters)