Saturday, 18th May, 2024
Saturday, 18th May, 2024

Abu Dhabi Murban raises benchmark Murban crude prices

Abu Dhabi raised pricing for February sales of its main crude grade after similar increases by Saudi Arabia.

The state-owned Abu Dhabi National Oil Co. at a premium of 75 cents a barrel to the regional benchmark, according to a notice from the producer. That’s 25 cents more than in January. Abu Dhabi pumps almost all of the oil in OPEC member the United Arab Emirates.

The petroleum exporter and its allies agreed last week to keep the production of most members unchanged as their alliance seeks to control output amid sluggish demand and coronavirus shutdown. While Russia and Kazakhstan will be able to pump a little more, their growth will be surpassed by unilateral cuts of 10 million barrels-a-day in February and March.

The planned Saudi production cut drove Brent crude to more than $55 a barrel last week, up 8% so far this year.

ADNOC raised the barrel by five cents to Upper Jakum Crude in February at a five per cent premium to Murban. It kept Umm Lulu Crude unchanged at 5 per cent for Murban and fixed at 35 per cent for Das Crude.

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