#Trends

Adnoc Expands Tanker Fleet With $1.3 Billion Investment Amid Oil Export Surge

Abu Dhabi National Oil Co.'s shipping arm invested $1.3 billion to nearly double its Very Large Crude Carriers fleet to 14 from eight, plus five fuel-carrying vessels. The expansion follows the UAE's departure from OPEC and increased crude shipments through the Strait of Hormuz, where tanker availability has become critical as the pipeline can carry less than half of the roughly 3.6 million barrels a day exported over the past two months.