Amid tightened vessel supply due to the Middle East crisis, Abu Dhabi’s national oil company ADNOC has paid about $590 million to buy five supertankers to better manage its crude deliveries.
ADNOC has acquired the five very large crude carriers (VLCCs) capable of carrying up to 2 million barrels of crude oil each from Frontline Plc.
In an emailed statement, ADNOC L&S said, “We do not comment on rumours or market speculation.” Meanwhile, the UAE produced 4.1 million barrels per day (bpd) of crude oil in June, its highest output ever.
