ADNOC issues first OSPs against IFAD Murban futures

London (Quantum Commodity Intelligence) — Abu Dhabi National Oil Co. announced its Official Selling Prices for June, set against the recently-launched ICE Futures Abu Dhabi (IFAD) for the first time, ADNOC announced Sunday.

The Murban monthly average was $63.35/barrel, which ADNOC's flagship Murban grade was set at parity against.

Upper Zakum was set at a discount of $0.40/b versus Murban, Umm Lulu at a discount of $0.05/b and Das Island at minus $0.35/b.

The Upper Zakum OSP of $62.95/b was comparable to the spot market, with Quantum June monthly cash average for Upper Zakum at $62.90/b.

Upper Zakum is also a component of the Dubai benchmark which also averaged $62.90/b for June, according to Quantum data.

Murban's production capacity is around 1.7 million barrels per day, Upper Zakum 700,000 b/d, Das Island around 600,000 b/d and Umm Lulu at around 100,000 b/d.

Meanwhile, ADNOC informed customers late last week that July term volumes would be cut by 20%, in compliance with on-going reductions from the OPEC+ producer group.