Abu Dhabi : The official selling price of Abu Dhabi National Oil Company's (Adnoc) crude oil grades averaged $77.63 (Dh285) a barrel in March on the back of firming international crude oil prices, higher than $73.56 per barrel average in February, latest data from Adnoc, extrapolated by Gulf News shows.
The official selling price of Murban, Adnoc's most popular crude grade was $78.30 per barrel in March, while Lower Zakum's was $78.15 a barrel.
This was followed by Umm Shaif at $77.80 a barrel and Upper Zakum at $76.25 a barrel, the data showed.
Huge chunk
Adnoc produces more than 90 per cent of the UAE's oil output.
The UAE's average sustainable crude oil production capacity is set to increase 12.5 per cent to 3.06 million barrels per day (bpd) by 2014, according to the recently released estimates by the International Energy Agency (IEA).
The UAE has a sustainable crude oil production capacity of 2.72 million bpd, IEA said previously.
This year, the country's crude production capacity is expected to decline marginally to 2.71 million bpd, but will climb steadily thereafter to 2.75 million bpd in 2011, 2.88 million bpd in 2012 and 2.99 million bpd in 2013, the Paris-based agency which advises 28 member countries on energy policy, said.
According to Dalton Garis, Associate Professor of Economics and Petroleum Market Behaviour at Abu Dhabi's Petroleum Institute, the global oil prices are going up due to the Asian demand.
"Oil will probably trade in $86-$88 per barrel range, near term. In recent times, the Asian demand has been a big mover for oil prices.
"Now, the consumer demand in the US is also picking up," Garis told Gulf News yesterday by telephone.
Adma-opco hires fluor
Abu Dhabi Marine Operating Company (Adma-Opco) said it had awarded the US-based Fluor Enterprises Corporation two front-end engineering and design contracts for the Umm Lulu Full Field Development project phase II, and the Satah Al Razboot Full Field Development project.
Adma-Opco is a unit of Adnoc. An Adma-Opco official reached by Gulf News couldn't immediately provide the value of the contracts.
— H. M. K.
