Business | Oil & Gas
Average price of Abu Dhabi crude down 42% amid weak demand
The official selling price (OSP) of Abu Dhabi crude oil grades averaged $68.10 (Dh249.9) a barrel October, plunging 42.29 per cent from Sep-tember's average price.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:54 November 13, 2008
Abu Dhabi: The official selling price (OSP) of Abu Dhabi crude oil grades averaged $68.10 (Dh249.9) a barrel October, plunging 42.29 per cent from Sep-tember's average price, in line with the global econ-omic slowdown which has crimped oil demand, according to the latest data available from the Abu Dhabi National Oil Company (Adnoc).
In September, the average price of Adnoc's crude grades was $96.90 per barrel.
The OSP of Adnoc's most popular crude grade, Murban, in October was $69.25 a barrel, down from $98.05 a barrel the previous month, while Lower Zakum's OSP was $69.15 a barrel, down from $98.05 in September.
Among Adnoc's other crude grades, Umm Shaif's OSP was at $68.25 a barrel in October, which was down from $97.15 a barrel the previous month, while Upper Zakum's OSP in October was $65.75 a barrel, down from $94.35 in September. The prices of Adnoc's crude grades averaged $115.93 in August, 17.04 per cent below July.
Adnoc crude grade prices averaged their highest ever in July at $135.68 per barrel, in line with the soaring global prices at the time that touched an all-time high of $147.27 on July 11.
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