ADNOC Murban July OSP at $66.70/b, Upper Zakum diff minus $0.50/b

London (Quantum Commodity Intelligence) - Abu Dhabi Nationalo Oil Co. announced its Official Selling Prices for July Wednesday, set against the recently-launched ICE Futures Abu Dhabi (IFAD).

The Murban monthly average for July-loading crude was $66.70/b, up from $63.35/b for June.

ADNOC priced Murban at parity to the IFAD monthly average.

Upper Zakum was set at a discount of $0.50/b versus Murban, down from minus $0.40/b, reflecting the wider spread between light sweet crude (Murban) and medium sour crude (Upper Zakum)

Umm Lulu was set at a discount of $0.05/b and Das Island at minus $0.35/b, unchanged on the month.

The Upper Zakum OSP of $66.20/b was comparable to the spot market, with Quantum's July monthly cash average for Upper Zakum at $66.32/b.

Upper Zakum is also a component of the Dubai benchmark which also averaged $66.32/b for July, according to Quantum data.

Murban's production capacity is around 1.7 million bpd, Upper Zakum 700,000 bpd, Das Island around 600,000 bpd and Umm Lulu at around 100,000 bpd.

Meanwhile, ADNOC has informed customers that August term volumes would be cut by 5%, in accordance with commitments under the OPEC+ producer group.