Abu Dhabi: The official selling price (OSP) of Abu Dhabi’s four crude oil grades averaged $113.38 (Dh416.4) a barrel in September, higher than the average price of $110.73 a barrel in August, latest data from the Abu Dhabi National Oil Company (Adnoc) show.
In September, the official selling price of the emirate’s most popular crude oil grade — Murban — was $114.50 a barrel, up from $111.70 a barrel in August, while Lower Zakum’s price was $114.30 a barrel last month, as per the data. The official selling price of Umm Shaif crude oil grade in September was $113.80 per barrel and that of Upper Zakum crude was $110.90 a barrel.
The price of Abu Dhabi crude oil grades move in line with the prevailing international oil prices.
“Maintenance at a key producing field in Iraq and continued geopolitical turmoil in the Arab world led to higher oil prices last month,” a Dubai-based petroleum expert told Gulf News.
More than 60 per cent of the UAE’s crude oil production is exported to Japan, making it the UAE’s single-largest customer.