Abu Dhabi Plans to Boost Murban Crude Exports in April, Signaling Stronger Middle East Supply

Stock News
Feb 27

Abu Dhabi intends to increase exports of its flagship Murban crude in April, according to informed sources, adding to signs of strengthening oil supply from key producing nations in the region. State-owned Abu Dhabi National Oil Company (Adnoc) has reportedly allocated additional volumes to partners in the UAE onshore concession, with some of the extra supply already sold on the spot market. In recent weeks, global oil markets have observed multiple indications of rising Middle Eastern supply, as Saudi Arabia and Iran accelerate shipments amid concerns that U.S.-Iran tensions could disrupt exports. Additionally, the upcoming OPEC+ meeting this weekend is expected to potentially approve a resumption of production increases starting in April. The exact volume of additional Murban crude to be supplied by Adnoc and its partners, as well as its distribution, remains unclear. Adnoc holds a 60% stake in the onshore concession, which has a production capacity of approximately 2 million barrels per day of Murban crude. The remaining shares are held by TotalEnergies, BP, China National Petroleum Corporation, INPEX, Zhenhua Oil, and GS Energy. In the crude market, Murban crude prices have weakened this week against global benchmarks Brent and Dubai as some of the additional volumes have been offered for sale. Meanwhile, Brent crude futures reached $72.61 per barrel on Thursday, marking the highest intraday price since July of last year. Adnoc has previously adjusted supply volumes in response to OPEC+ policy changes aimed at managing prices or reclaiming market share. Ahead of this weekend's meeting, several OPEC+ representatives have indicated expectations for the group to approve a modest supply increase.

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