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2021-01-12 11:35:00

ABU DHABI OIL PRICE UP

ABU DHABI OIL PRICE UP

BLOOMBERG - January 10, 2021 - Abu Dhabi raised pricing for February sales of its main crude grade after similar increases by Saudi Arabia, OPEC’s largest producer. 

Government-owned Abu Dhabi National Oil Co. set Murban crude at a premium of 75 cents a barrel to the regional benchmark, according to a notice from the producer. That’s 25 cents more than in January. Abu Dhabi pumps almost all of the oil in OPEC member the United Arab Emirates. 

The Organization of Petroleum Exporting Countries and its allies agreed last week to keep production unchanged for most members as their coalition seeks to keep output restrained amid slack demand and coronavirus shutdowns. While Russia and Kazakhstan will be able to pump slightly more, their increases will be outweighed by a unilateral 1 million barrel-a-day Saudi cut in February and March. 

The planned Saudi production cut drove Brent crude to more than $55 a barrel last week, up 8% so far this year. 

ADNOC raised February Upper Zakum crude by 5 cents a barrel to a 5-cent premium to Murban. It kept Umm Lulu crude unchanged at a 5-cent discount to Murban and left Das crude steady at a 35-cent discount. 

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Earlier:

ABU DHABI OIL PRICE UP
2021, January, 11, 13:05:00
OIL PRICE: NEAR $55 ANEW
Brent were down 78 cents, or 1.4%, at $55.21 a barrel. WTI slipped 52 cents, or 1%, to $51.72 a barrel.
ABU DHABI OIL PRICE UP
2021, January, 8, 15:50:00
OIL PRICE: NEAR $55
Brent climbed 83 cents, or 1.5%, to $55.21 a barrel. WTI gained 66 cents, or 1.3%, to $51.49.
ABU DHABI OIL PRICE UP
2021, January, 6, 14:10:00
OIL PRICE: NEAR $54
Brent rose as much as 0.9% to $54.09 a barrel. WTI climbed as much as 0.6% to $50.24 a barrel.
ABU DHABI OIL PRICE UP
2020, December, 29, 11:55:00
OIL PRICE: NEAR $51 YET
Brent climbed 23 cents, or 0.5%, to $51.09 a barrel. WTI added 23 cents, or 0.5%, to $47.85 a barrel.
ABU DHABI OIL PRICE UP
2020, December, 25, 10:40:00
OPEC+ RISSIA OIL PRICE: $45 - $55
In comments, cleared for publication on Friday, Novak also said that Moscow views an oil price between $45 and $55 per barrel as the optimum level to allow for recovery of its oil production,
ABU DHABI OIL PRICE UP
2020, December, 22, 13:45:00
OPEC+ RUSSIA EXTENSION
"The OPEC+ deal has been with us for almost nine months and will continue until April 2022, but it can be extended until the end of 2022," Prince Abdulaziz said, adding that market skeptics and speculators will remain "on their toes".
ABU DHABI OIL PRICE UP
2020, December, 9, 11:45:00
OIL PRICES 2021: $47 - $50
Brent prices will average $49/b in 2021, up from an expected average of $43/b in the fourth quarter of 2020. Brent prices will average $47/b in the first quarter of 2021 and rise to an average of $50/b by the fourth quarter.
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Tags: UAE, OIL, PRICE