According to CoinMeta, and as reported by Bloomberg, Abu Dhabi National Oil Company (ADNOC), the largest oil producer in the United Arab Emirates, spent $1.3 billion to expand its fleet of oil tankers in order to take advantage of the surge in crude oil exports. This move was made after the country withdrew from the Organization of Petroleum Exporting Countries (OPEC), with the aim of increasing oil exports through the controversial Strait of Hormuz.