ADNOC says buyers should return to Gulf as oil exports resume

ADNOC is telling oil buyers it’s time to come back to the Gulf.

Abu Dhabi National Oil Co. has instructed customers to resume loading cargoes from terminals inside the Strait of Hormuz and warned that failing to lift scheduled shipments could constitute a breach of contract, Bloomberg reports, citing notices from the company.

The move follows the reopening of the narrow waterway under the U.S.-Iran agreement, with tankers and LNG carriers returning to the route that carries roughly a fifth of the world’s oil supplies.

Saudi Aramco, ADNOC and other Gulf producers are all working through a backlog of delayed cargoes while ramping up exports through the strait, the news agency reports in a separate story. Iraq’s exports and oil bound for China and Japan are among the shipments most affected by the disruption.

The shipping industry still faces a cleanup operation, with about 80 naval mines remaining in parts of the channel that must be removed before traffic returns to normal levels, Arabian Gulf Business Insight reports.