Abu Dhabi National Oil Co. has maintained the forecast of its flagship Murban crude available for export from September 2021 to July 2022 and added a figure for August 2022.
ADNOC will export 1.422 million b/d of Murban in August 2022, it said in an Aug. 29 report. That compares with 1.13 million b/d in September 2021, with volumes rising to 1.407 million b/d in July 2022, as previously stated.
Murban is ADNOC's largest crude by volume, with a production capacity of about 2 million b/d of the company's total capacity of around 4 million b/d. It is produced from 2,000 onshore wells, and the national oil producer describes the grade as light and sweet.
OSPs
ADNOC sets the official selling price for Murban crude using the monthly average of the Singapore marker price of Murban futures on the ICE Futures Abu Dhabi exchange, which go to delivery two months after the month of trade.
OSPs for ADNOC's Upper Zakum, Das and Umm Lulu grades are priced at a differential to the Murban OSP.
ADNOC set the September official selling price for Murban crude oil at $73.50/b, the fourth OSP issuance after the launch of the Murban Futures contract on the ICE Futures Abu Dhabi exchange. The August OSP was $72.34/b.
Murban is the second physically delivered futures contract to trade on a regional exchange after the Dubai Mercantile Exchange's Oman crude futures.
It is also a deliverable grade in the S&P Global Platts benchmark Dubai and Oman crude assessments.
Source: SP Global