As previously reported, Abu Dhabi is ramping up crude exports to Asia as a key measure in weaning the region off Iranian oil.
According to a Reuters report, the emirate will fulfill all its supply contracts to Asia in March, the first time it has done so since May 2011.
China, Japan and South Korea have all been cutting their imports from Iran after lobbying from Washington. Since January, China has cut Iranian oil imports almost in half, by 285,000 barrels per day, and Japanese refiners are trimming purchases.
“If you have a contract with suppliers like ADNOC, you will try to maximise the volumes that you can lift,” an unnamed Asian refiner told Reuters.
