Abu Dhabi: The official selling price of Abu Dhabi National Oil Company's (Adnoc) crude oil grades averaged $73.56 per barrel in February, lower than the $77.23 per barrel average price a month earlier, the latest data from Adnoc extrapolated by Gulf News shows.
The official selling price of Murban Adnoc's most popular crude grade was $74.20 per barrel in February, while Lower Zakum's was $73.95 a barrel. This was followed by Umm Shaif at $73.65 a barrel and Upper Zakum at $72.55 a barrel, the data showed.
Adnoc produces more than 90 per of the UAE's oil.
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 estimates released previously by the International Energy Agency (IEA).
The UAE, at present, has a sustainable crude production capacity of 2.72 million bpd, according to the IEA. In 2010, the country's crude production capacity will 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, said the Paris-based agency which advises 28 member countries on energy policy.
According to the latest IEA data, the UAE's oil output in January stood at 2.29 million bpd, marginally higher than a month earlier.
According to Dalton Garis, associate professor of economics and petroleum market behaviour at Abu Dhabi's Petroleum Institute, the world oil markets currently are well balanced.
"The market is range bound at the moment. Oil will continue to sell in $76-$82 per barrel range, near term. Both sellers and the buyers are currently happy as there's an equilibrium in the oil market at these price prices," Garis told Gulf News yesterday by telephone.
"However, a rise in geopolitical tensions in the Middle East may disturb that equilibrium," he added.