10 Jan 2021 | 12:33 UTC — Dubai

ADNOC raises February OSPs by 25-30 cents/b

Highlights

Aramco on Jan. 7 raised all grades in Asia by 20-70 cents/b

Price increases after Saudi Arabia's surprise output cut

Murban futures to start trading in March

Dubai — Abu Dhabi National Oil Co. set the February official selling price for its flagship Murban crude oil at Platts Dubai plus 75 cents/b, the company said in a price notice Jan. 10, indicating an increase of 25 cents/b from January.

State-owned ADNOC raised its OSP for medium sour Upper Zakum for February delivery by 5 cents/b to a premium of 5 cents/b to the Murban OSP. Meanwhile, the Umm Lulu differential for February was kept at minus 5 cents/b against Murban and Das Blend stayed at Murban minus 35 cents/b compared with January's levels.

The changes bring the February OSP differential for Umm Lulu to a premium of 70 cents/b against Platts Dubai and for Das Blend, a premium of 40 cents/b against Platts Dubai. Both were up 25 cents/b from January, Platts data showed. Upper Zakum will be at a premium of 80 cents/b against Platts Dubai, up 30 cents/b from January.

On Jan. 7, Saudi Aramco announced February increases of 20-70 cents/b across all grades in Asia after Saudi Arabia's surprise output cut at the OPEC+ meeting.

The Intercontinental Exchange said Nov. 9 that it plans to launch a Murban futures contract on a new Abu Dhabi-based exchange on March 29.

Murban futures will be the second physically delivered futures contracts traded on a regional exchange after Dubai Mercantile Exchange's Oman crude futures. Murban is also a deliverable grade in the Platts benchmark Dubai and Oman crude assessments.

ADNOC OSPs $/b

Differentialsnull to Platts Dubai
Nov.
Dec.
Jan.
Feb.
Change
Murban
-0.35
-0.25
0.50
0.75
0.25
Umm Lulu
-0.35
-0.30
0.45
0.70
0.25
Das Blend
-0.70
-0.60
0.15
0.40
0.25
Upper Zakum
-0.55
-0.45
0.50
0.80
0.30

Editor:

Claudia Carpenter