UAE substitutes Qatar condensate with U.S. oilStaff Writer | July 27, 2017
The United Arab Emirates will import the country's first oil cargo from the United States as the OPEC producer sought substitutes to replace Qatari condensate supplies after a diplomatic row.
New relations The UAE halted condensate imports from Qatar
Abu Dhabi National Oil Company, or ADNOC, bought a US Eagle Ford condensate cargo in a tender for September arrival, the sources said on Wednesday. Specific volumes were not available but the cargo will arrive in a supertanker that can carry up to 2 million barrels of oil, one of the sources said.
ADNOC faced limited options in sourcing for condensate substitutes as strong demand for the ultra-light oil in South Korea and Indonesia tightened supplies in Asia, trade sources said.
This forced the state oil company to look for supplies from other regions, including Eagle Ford condensate from the United States.
ADNOC used to receive 1-1.5 million barrels of Qatari condensate every month under a term agreement with Qatar Petroleum, trade sources said earlier. ■