Abu Dhabi’s national oil company, ADNOC, has offered additional barrels of Murban crude to its international minority partners in the onshore concession where the grade is being produced, sources with knowledge of the plan told Bloomberg on Friday.
Some of the partners have already sold part of the additional barrels, of yet unknown volumes, on the spot market, according to Bloomberg’s sources.
BP, TotalEnergies, China National Petroleum Corporation (CNPC), Zhenhua Oil, Inpex of Japan, and South Korea’s GS Energy are partners of the UAE’s state energy firm in ADNOC Onshore. These equity holders are entitled to receive about 40% of the Murban output, which is around 2.1 million barrels per day (bpd).
Set OilPrice.com as a preferred source in Google .
With additional Murban barrels, the United Arab Emirates (UAE), one of OPEC’s top producers, will sell more of its crude on global markets in April, adding to already robust supply from other producers in the Gulf.
In recent weeks, Iran has tripled the rate of loading tankers as Tehran rushes to get its oil out of the Gulf ahead of potential further escalation of the tensions with the United States.
Saudi Arabia, OPEC’s top producer and the world’s biggest crude oil exporter, is also boosting shipments due to strong demand in Asia’s key import markets, China and India, and to send out shipments ahead of potential U.S.-Iran escalation.
Near-term demand for Saudi Arabia’s oil in China is soaring after the Kingdom early this month slashed its official selling prices (OSPs) for Asia to the lowest level versus regional benchmarks in more than five years.
In addition, the OPEC+ group is widely expected to discuss and approve a resumption of its monthly production hikes after a pause in the first quarter.
OPEC+ is said to be ready to consider at the March 1 meeting the idea to raise crude oil output by 137,000 barrels per day for April 2026, ending the three-month pause, as producers prepare for peak summer demand and navigate market share strategies.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com
- India Plans 30% Slash in Thermal Coal Imports This Year
- U.S. Department of Justice Sides With Argentina in $18 Billion YPF Lawsuit
- Croatia Ready to Supply Crude to Hungary and Slovakia
