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OIL: UAE Importing Oil from Saudi and Iraq After Ruwais Refinery Upgrade

OIL

The UAE’s Abu Dhabi National Oil Co. is buying more oil from neighbouring countries of Iraq and Saudi Arabia as the Ruwais refinery upgrade allows for the processing of a wider range of oil blends.

  • Adnoc purchased one Iraqi crude cargo in April and a second in May carrying about 1mbbls Iraq’s Basrah terminal to Abu Dhabi, according to Bloomberg ship-tracking data. 
  • Both cargoes were Basrah Heavy crude, according to Bloomberg sources.
  • Earlier in May, the UAE bought a rare shipment of straight-run fuel oil from Saudi Arabia, sources said.
  • The transformation of the 418k b/d Ruwais West refinery has enabled the processing of lower-value grades allowing for increased exports of higher premium, lighter Murban and Upper Zakum crude.
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