Adnoc to keep August term crude steady

Tokyo: Abu Dhabi National Oil Co (Adnoc) will deliver full contracted term volumes of crude oil to North Asian lifters for August, prompted by brittle demand for the gas oil-rich grades not to offer extra barrels.

Seven North Asian lifters said they received full term volumes and had not asked for additional volumes. Three said Adnoc had not asked them to take more and two more said they had not yet received official notice but expected to get full volumes.

The news supported the stand of the Organisation of the Petroleum Exporting Countries (Opec) that the world, especially Asia, is well supplied with oil and does not need more.