Abu Dhabi : Abu Dhabi National Oil Co (Adnoc), the state-owned producer, raised prices for all four of its crude grades for deliveries made in August by more than 2 per cent.
The price for Murban crude, the largest export grade, rose to $74.60 a barrel, Adnoc said yesterday in a statement.
The price for crude sold under long-term contracts and lifted last month is 2.2 per cent higher than in July, according to Bloomberg data.
Adnoc, raised the Upper Zakum crude price 2.3 per cent, to $72.80 a barrel. Umm Shaif crude increased the most, rising 2.4 per cent to $74.15 a barrel, Adnoc said.
Lower Zakum crude shipped in August cost $74.35 a barrel, 2.2 per cent higher than in July, according to the price list.
The UAE, holder of about 7 per cent of the world's oil reserves, was the fourth-largest producer in the Organisation of Petroleum Exporting Countries, pumping 2.32 million barrels of crude a day in August, according to a Bloomberg survey.
The federation, which exports most of its crude to Asia, has the capacity to produce about 2.8 million barrels a day, Oil Minister Mohammad Al Hamli said on March 2.
Crude oil gained less than 1 per cent in August trading on the New York Mercantile Exchange, rising to an average price for the month of $76.67 a barrel.
Abu Dhabi bases its oil prices in part on global markets and on futures trading in and demand for its own crude.
Adnoc will cut September shipments of Murban and Lower Zakum grades to customers, according to the list of monthly allocations published July 26.
The supply of Murban crude will be cut 20 per cent from contracted amounts compared with a 10 per cent reduction in August, Adnoc said in a July 26 statement.
Allocation cuts in Umm Shaif and Upper Zakum will be narrower in September than in August. Adnoc said it was reducing shipments in accordance with Opec's decision to limit output.
