ADNOC raises September 2021-May 2022 export availability forecasts for Murban crude

Abu Dhabi National Oil Co., or 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 June 27.

ADNOC said it would have 1.07 million b/d of Murban available for export in July, with volumes rising to 1.105 million b/d in August, unchanged from figures published in its report in May.

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 b/d and in for November 2021 by 38,000 b/d from its last report.

Forecasted volumes of Murban crude available for export for each month from December 2021 to May 2022 were raised by 8,000 b/d.

According to the report, there will be 1.13 million b/d of Murban crude available for export for the period between September 2021-June 2022.

No explanation was given for the higher forecasts.

Murban is ADNOC’s largest crude by volume, with a production capacity of about 2 million b/d of the company’s total capacity of around 4 million b/d. It is produced from 2,000 onshore wells, and ADNOC describes the grade as light and sweet.

OSPS

ADNOC sets the official selling price for Murban crude using the monthly average of the Singapore marker price of Murban futures on the ICE Futures Abu Dhabi exchange, which go to delivery two months from the month of trade.

OSPs for ADNOC’s Upper Zakum, Das and Umm Lulu grades are priced at a differential to the Murban OSP.

Murban is the second physically delivered futures contract to trade on a regional exchange after the Dubai Mercantile Exchange’s Oman crude futures.

It is also a deliverable grade in the S&P Global Platts benchmark Dubai and Oman crude assessments.
Source: Platts