ADNOC Buys Five Supertankers for $590 Million as UAE Crude Output Hits a Record 4.1 Million bpd

Abu Dhabi's national oil company ADNOC has paid about $590 million to buy five very large crude carriers. Reuters reported on Friday, 31 July 2026, citing sources familiar with the deal, that ADNOC Logistics and Services bought the vessels, each able to carry up to 2 million barrels of crude, from Frontline Plc. ADNOC told Reuters it does not comment on rumours or market speculation, adding that it continually reviews its fleet requirements.

The purchase comes as vessel supply has tightened amid the regional crisis and disrupted traffic through the Strait of Hormuz. According to International Energy Agency estimates, UAE crude output reached 4.1 million barrels per day in June 2026, the highest on record for the country and nearly double its March 2026 output. The previous record was 4 million bpd in the spring of 2020.

The UAE, which left OPEC earlier this year, is offering some of its grades for loading offshore Fujairah and at Sohar in Oman, outside the Strait.