UAE’s ADNOC maintains full crude supplies to Asia in January – sources
Abu Dhabi National Oil Company (ADNOC) will maintain full supply of all crude grades to its term customers in Asia in January, three sources with knowledge of the matter said.
It is the second consecutive month that the United Arab Emirates producer will be supplying full volumes to its customers.
Despite the rise in supplies, ICE Murban crude futures’ premium to Dubai swaps jumped to an all-time high of $5.60 a barrel on Monday, up from an average of $3.45 a barrel last month.
The UAE is a member of the Organization of the Petroleum Exporting Countries (OPEC) which will meet with its allies on Thursday to review its production policy.
Source: Reuters (Reporting by Florence Tan; editing by Richard Pullin)