{"id":118444,"date":"2026-06-17T00:00:00","date_gmt":"2026-06-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?p=118444"},"modified":"2026-06-17T02:44:03","modified_gmt":"2026-06-17T02:44:03","slug":"this-morning-adnoc-is-making-up-for-lost-barrels-irh-inks-usd-500-mn-supply-agreement-with-india","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/06\/17\/this-morning-adnoc-is-making-up-for-lost-barrels-irh-inks-usd-500-mn-supply-agreement-with-india\/","title":{"rendered":"THIS MORNING: Adnoc is making up for lost barrels + IRH inks USD 500 mn supply agreement with India"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good <\/strong><strong>morning, lovely people. <\/strong>The mood is more cheery than it has been in weeks \u2014 oil price forecasts are cooling, analysts are increasingly forecasting an easing of supply, and markets are rebounding following the announcement of a US-Iran agreement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ADX and DFM both jumped by nearly 2% yesterday<\/strong>, their first day of trading after the long weekend and since news of the agreement broke. On the DFM, blue-chip developer Emaar Properties led gains with a 5.1% rise, and lender Emirates NBD gained 4.4%. Over on the ADX, First Abu Dhabi Bank rose 0.7% and real estate giant Aldar Properties rose 4.8%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Both indices outperformed other regional markets<\/strong>, after having suffered the brunt of a sell-off earlier during the conflict. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Despite the cheery sentiment, the actual recovery of oil flows could take weeks, if not months<\/strong>, as we explain in this morning\u2019s <strong>Big Story Today<\/strong>. Also in this morning\u2019s issue: We\u2019re seeing more debt market activity, this time courtesy of HEA Energy, and Mubadala just acquired a stake in a major subsea electricity interconnector project in the UK. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- It\u2019s warming up a bit more in Dubai today<\/strong>, with a high of 40\u00b0C and a low of 30\u00b0C, while Abu Dhabi will see a high of 39\u00b0C and a low of 29\u00b0C.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Sharjah sweetens the pot<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>Sharjah is rolling out a fresh package of bu<\/strong><strong>siness incentives.<\/strong> The Sharjah Executive Council approved a series of exemptions, fee deferrals, and other support measures aimed at boosting investment and economic activity across the emirate, state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/c0r631c-sec-approves-measures-assist-promoting-economic\" style=\"\">Wam<\/a> reports. Authorities have yet to disclose the size of the package or the specific incentives on offer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we do know:<\/strong> The measures target sectors including tourism, hospitality, industry, construction, infrastructure, transportation, and trade, and involve a broad range of government entities. The statement didn\u2019t specify a reason for the incentives, but <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/31\/dubai-is-offering-financial-stimulus-for-tourism-art-and-more\/\" style=\"\">Dubai<\/a> and <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/24\/this-morning-tourism-in-ajman-is-the-latest-to-see-govt-support-al-habtoor-kicks-off-its-lawsuit-against-lebanon\/\" style=\"\">Ajman<\/a> also rolled out economic support measures for the private sector when the war was ongoing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Making up for lost barrels<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a>  <strong>Adnoc appears to be making up for lost time. <\/strong>The company has sold at least 30 mn barrels of spot crude to Asian refiners and trading houses so far in June, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/adnoc-sells-least-30-million-barrels-crude-supply-boost-sources-say-2026-06-16\/\" style=\"\">Reuters<\/a> reports, citing trade sources in the know. Adnoc has been looking to boost its exports during the ceasefire, with more barrels being offered this week. The sales include Das, Upper Zakum, and Umm Lulu crude for June-August loading.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s buying?<\/strong> Indian refiners purchased some 6 mn barrels, while China\u2019s Unipec reportedly bought 6-8 mn barrels of Upper Zakum crude. South Korea\u2019s SK Energy took 7 mn barrels of Umm Lulu crude, while Japan\u2019s Eneos bought 3 mn barrels of Das crude.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>The sales come after Adnoc spent much of the conflict <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/06\/01\/this-morning-fuel-prices-are-up-again-some-hope-for-adxs-ipo-pipeline\/\" style=\"\">finding workarounds for exports<\/a> from fields inside the Gulf. The company moved cargoes through Hormuz with transponders switched off and relied on ship-to-ship transfers outside the Gulf to reach buyers. Adnoc had also cut exports by more than 1 mn bbl \/ d from pre-war levels as disruptions hit flows through the strait, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/hungry-sell-uae-slips-hidden-oil-tankers-through-strait-hormuz-2026-05-07\/\" style=\"\">Reuters<\/a> reports separately. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adnoc is also preparing for future disruptions: <\/strong>As we <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/06\/03\/this-morning-adnoc-resumes-naphtha-exports-via-oman-eyes-a-multi-fuel-pipeline-bypassing-hormuz\/\" style=\"\">previously reported<\/a>, the company is considering a multi-fuel pipeline capable of exporting gasoline, jet fuel, and diesel, complementing existing efforts to build export routes less dependent on the Strait of Hormuz.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">IRH fuels up<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>A UAE-India energy tie-up is taking shape: <\/strong>Abu Dhabi-based natural resources investment platform International Resources Holding (IRH) signed a USD 500 mn crude sourcing and product supply agreement with Indian low-carbon fuel provider Essar Energy Transition Fuel, according to a <a target=\"_blank\" href=\"https:\/\/www.essar.com\/inthenews\/essar-energy-transition-fuels-and-irh-global-trading-agree-usd-500-million-strategic-crude-and-product-facility\/\" style=\"\">statement<\/a>. The agreement is intended to strengthen feedstock security amid an increasingly volatile energy market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>Energy was one of the sectors earmarked for cooperation as part of a wider raft of agreements <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/01\/20\/uae-india-agreement-blitz\/\" style=\"\">between the UAE and India<\/a> at the start of the year. Securing reliable energy inflows has also been critical for India, which saw <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/08\/russia-grabs-37-of-indias-total-oil-import-bill-in-april\/\" style=\"\">its oil import bill surge<\/a> during the regional conflict. <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/05\/how-the-iran-war-is-changing-indias-energy-purchases-from-the-gulf\/\" style=\"\">Earlier this month<\/a>, the UAE unseated Saudi Arabia as India\u2019s second-largest crude oil supplier, as the energy-importing nation looked to secure supplies in an increasingly tight market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Data point<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>42% m-o-m \u2014 that\u2019s how much the value of residential propert<\/strong><strong>y transactions <\/strong><strong>in Dubai fell in May<\/strong>, according to Reidin data cited by <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-06-16\/dubai-property-frenzy-cools-but-sellers-hold-the-line-on-prices\" style=\"\">Bloomberg<\/a>. Residential sales totaled AED 22.5 bn, roughly half the AED 46.6 bn recorded in February before the conflict began.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The slowdown is being felt most acutely across off-plan transactions<\/strong>, where transaction values fell nearly 50% from April. Yet prices have held up relatively well, with off-plan values down less than 9% this year and completed-home prices broadly unchanged.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER-<\/strong> The figures add to signs of a slower market. Dubai residential capital values posted a second consecutive monthly decline <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/05\/20\/second-monthly-dip-in-dubai-prices-but-march-shock-fades-into-slower-reset\/\" style=\"\">in April<\/a>, though the pace of the correction eased sharply from <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/17\/uaes-real-estate-four-week-risk-window-as-activity-plunges-51\/\" style=\"\">March's selloff<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The takeaway:<\/strong> Buyers are becoming more selective, not disappearing. Even after May\u2019s decline, residential sales values remain broadly in line with levels seen three years ago, while sellers continue to resist meaningful price cuts. It broadly reinforces what analysts told us <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/02\/dubai-property-is-swallowing-record-money-and-barely-blinking\/\" style=\"\">earlier this year<\/a>: activity remains healthy by historical standards despite softer pricing, suggesting the market is cooling rather than correcting.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">PSA<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>If your private healthcare facility has 50 or more employees, the Hum<\/strong><strong>an Resources and Emiratization Ministry has a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.mohre.gov.ae\/en\/media-center\/news\/16\/6\/2026\/mohre-issues-amendment-requiring-half-of-the-healthcare-sectors-annual-emiratisation-target-to-be\" style=\"\">new requirement<\/a><\/strong><strong> you\u2019ll want to flag for your HR team.<\/strong> Half of your annual Emiratization target must now be allocated to specialized healthcare roles \u2014 not just any skilled positions in the building. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Existing requirements had meant that companies with 50 or more employees must increase Emiratization in skilled positions by 2% every year<\/strong>, with half of the target to be met during the first six months of the year and the other half by year-end. The new rule targets the composition of roles: they can\u2019t all be random \u2014 rather, half of the target will need to be hired within specialized roles. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Compliance assessments will begin from January 2027<\/strong>, with financial contributions owed by facilities that miss the mark. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/6\/946.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">You're at the stage where the questions have shifted: who gets what, whether your estate survives you intact or gets tied up in courts, whether you exit on your terms or let timing decide for you.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Retirement isn't a finish line but a structure problem, and most people get it wrong. It's not because they ran out of money but because they never asked the right questions at the right time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">In the final issue of <strong>EnterpriseAM Money Matters<\/strong>, we cover the decisions that define how you exit: estate planning under Egyptian law, what to actually ask your lawyer before you step back, how to read a severance package, when phased retirement makes financial sense \u2014 and when cashing out your options is the smartest move you'll make this decade.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a target=\"_blank\" href=\"https:\/\/sub.ent.news\/eg\/\" style=\"\">Tap or click here to subscribe to the Egypt edition<\/a> and get it delivered to your inbox today at 12 PM UAE.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> The big story abroad<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details of the US-Iran agreement are out<\/strong>, headlined by a USD 300 bn development fund designed to jumpstart investment into Iran. The private investment vehicle \u2014 aimed to incentivize both sides to work on a final deal \u2014 is already halfway committed, sources tell <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/iran-deal-includes-300-billion-fund-more-than-half-which-already-committed-2026-06-16\/\" style=\"\">Reuters<\/a>, and will focus on energy, logistics, manufacturing, and transport. Under the terms, the US will also release all frozen Iranian funds and assets and lift all sanctions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Hormuz outlook: <\/strong>Upon signing the framework agreement this Friday, the US will lift its naval blockade and \u2014 alongside Iran \u2014 ensure traffic through the Strait of Hormuz reach pre-war level within 30 days.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Nuclear equation: <\/strong>While Tehran reiterated that it will never produce nuclear weapons, the fate of enriched material and other mutually agreed nuclear issues will be tackled in the final agreement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>Once the initial framework is inked, the two sides will have 60 days to reach a final agreement. Bloomberg has the complete text of the 14-point draft agreement <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-06-16\/read-the-14-point-draft-memorandum-between-the-us-and-iran?srnd=homepage-middle-east\" style=\"\">here<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And in business news: <\/strong>SpaceX <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/17153f13-b0c8-4331-8f97-32a19a5e966e?syn-25a6b1a6=1\" style=\"\">extended its rally<\/a> during yesterday\u2019s session, dethroning Amazon to become the fifth most valuable company in the world. The company saw its valuation reach almost USD 3 tn during trading, before ending the session at USD 2.7 tn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Eyes on the Fed: <\/strong>The US Federal Reserve concludes its first policy meeting under new Chair Kevin Warsh today. While markets expect the central bank to hold rates steady, Warsh\u2019s debut post-meeting presser is what we\u2019ll be watching closely for his first substantive comment on inflation and employment. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You\u2019re reading EnterpriseAM UAE<\/strong>, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We\u2019re out Monday through Friday by 7am UAE time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM UAE is available without charge <\/strong>thanks to the generous support of our friends at Mashreq and Hassan Allam Properties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" style=\"\">Tap or click here<\/a> to get your own copy of EnterpriseAM UAE. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? <\/strong>Reach out to us on  <a target=\"_blank\" href=\"mailto:UAE@enterpriseAM.com\" style=\"\">UAE@enterpriseAM.com<\/a> .<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\">Egypt<\/a><\/strong><strong>, <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\">Saudi Arabia<\/a><\/strong>, and the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\">logistics<\/a> industry?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p class=\"tag-border-left\"> Circle your calendar<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Sharjah is the latest emirate to be rolling out economic support measures<\/p>\n","protected":false},"author":1,"featured_media":118445,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1543],"tags":[57,7,266,98,1390,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-118444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-adnoc","tag-enterpriseam-uae","tag-oil-and-gas","tag-real-estate","tag-sharjah","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"8be0de21-b4ed-4025-a13e-c44018b615db","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/7\/559.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Adnoc is making up for lost barrels + IRH inks USD 500 mn supply agreement with India","related_issue":[118442],"teaser":"Plus: Sharjah is the latest emirate to be rolling out economic support measures"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS MORNING: Adnoc is making up for lost barrels + IRH inks USD 500 mn supply agreement with India - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/06\/17\/this-morning-adnoc-is-making-up-for-lost-barrels-irh-inks-usd-500-mn-supply-agreement-with-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: Adnoc is making up for lost barrels + 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