ADNOC raises August-April 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 August 2021 to April 2022 but kept the export volume between June and July 2021 unchanged from April, the producer said in a report May 27.

ADNOC said it would have 1.04 million b/d of Murban available for export in June, with volumes rising to 1.07 million b/d in July, unchanged from figures published in its report in April.

It raised its forecast for Murban crude available for export in August 2021 by 35,000 b/d to 1.105 mil b/d, while volumes were adjusted higher by 50,000 b/d each month from September 2021-April 2022 from the report published in April. No explanation was given for the higher forecasts.

According to the report, there will be 1.127 million b/d of Murban crude available for export in September 2021, 1.073 million b/d in October and 1.092 million b/d in November, before stabilizing at 1.122 million b/d for the period between December 2021-May 2022.

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 will go to delivery two months ahead from the month of trade.

OSPs for ADNOC's Upper Zakum, Das and Umm Lulu grades will be 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. ADNOC has been pricing its crudes based on Platts Dubai.

Unit: million b/d

Source: ADNOC