Adnoc crude prices average $104.64 in April
They have fallen in line with international oil prices
Abu Dhabi: The official selling price of Abu Dhabi’s four crude oil grades averaged $104.64 (Dh384) in April, down from $108.95 the previous month, data from Abu Dhabi National Oil Company (Adnoc) shows.
In April, the official selling price of the emirate’s most popular crude oil grade — Murban — was $105.65 a barrel, while Lower Zakum’s price was $105.45 a barrel, as per the data. The official selling price of Umm Shaif crude oil grade in April was $104.95 per barrel and that of Upper Zakum crude was at $102.50 a barrel.
Adnoc’s crude prices have fallen in line with international oil prices that have fluctuated sharply over the past month due to growing concerns that the global economy is slowing, which would crimp oil demand growth.
Adnoc produces more than 90 per cent of the UAE’s oil output. According to the International Energy Agency (IEA), the UAE’s March oil output stood at 2.70 million barrels per day (bpd), unchanged from February estimates that were revised upwards.
“UAE production was pegged at 2.70 million bpd in March. February’s preliminary production estimate was raised by 150,000 bpd, with a portion of the higher output reportedly coming from new capacity at onshore fields that feed the Murban crude stream, the country’s benchmark grade,” said a previous statement from the IEA, a body which advises 28 industrialised countries on energy policy.
The IEA said the UAE’s average crude output in the first quarter of 2013 was 2.67 million bpd. It added that the country’s sustainable crude oil production capacity now stood at 3.02 million bpd.
