ADNOC to export 1.437 million b/d of Murban crude in December 2022

Abu Dhabi National Oil Co. maintained the forecast for its flagship Murban crude available for export from January next year to November, and revealed the export figure for December 2022.

ADNOC will ship 1.437 million b/d of Murban in December 2022, unchanged from September, October and November 2022, it said in a Dec. 27 report. That compares with 1.220 million b/d in January 2022, with volumes rising to 1.437 million b/d from September onwards, the report showed.

The company did not provide export figure for December 2022 in its last month's report.

Murban is ADNOC's largest crude by volume, accounting for a production capacity of about 2 million b/d of the company's total capacity of around 4 million b/d. Murban is produced from 2,000 onshore wells.

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 in advance.

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

ADNOC set the January official selling price for Murban at $82.03/b, down from $82.73/b for December 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.