ADNOC cuts September term volumes by 15%, issues Murban export volumes
Quantum Commodity Intelligence – Abu Dhabi National Oil Co has informed its term customers of supply cuts for its Murban, Das Blend and Upper Zakum crude oil grades for September-loading cargoes by around 15%, according to several media reports that referenced anonymous refining sources.
The reports said several refiners in Asia-Pacific noted that ADNOC will apply around a 15% reduction to term crude nominations for September-loading shipments of its flagship light sour Murban crude.
Adnoc will also implement cuts of around 15pc to light sour grades Umm Lulu and Das Blend and medium sour Upper Zakum crude.
This is deeper than cuts of around 5% that Adnoc will apply to August-loading term supplies, while ADNOC cut July term volumes by around 20%.
It was unclear why Adnoc is deepening reductions for its September-loading term crude exports, said Argus Media, with the decision coming ahead of the next meeting of OPEC+ ministers scheduled for 1 July when the group is expected to decide on its production strategy for at least one month.
Murban exports
Meanwhile, ADNOC, has raised the forecast of its flagship Murban crude available for export from September 2021 to May 2022, but kept the export volume between July and August 2021 unchanged from May, the producer said in a report Sunday.
It raised its forecast for Murban crude available for export in for September 2021 by 3,000 b/d, in for October 2021 by 57,000 bpd and in for November 2021 by 38,000 bpd from its last report.
ADNOC said it would have 1.07 million bpd of Murban available for export in July, with volumes rising to 1.105 million bpd in August, unchanged from figures published in its report in May.
Murban's production capacity is around 1.7 million barrels per day, Upper Zakum 700,000 b/d and Das Island around 600,000 b/d, making the UAE producer one of the most important oil exporters in the world.
August Murban trading on Abu Dhabi's IFAD settle Monday $74.31/b, 0.21% up from Friday's settle of $74.23/b.