UAE News: Abu Dhabi Cuts Oil Prices as Oil War Widens - Bloomberg:
Abu Dhabi took a cue from Saudi Arabia and cut pricing for its crude as the world’s biggest producers prepare to flood oil markets in a race for market share.
Abu Dhabi National Oil Co. announced forward pricing for its barrels for the first time on Friday because of the “unprecedented market conditions,” the company said in a statement. Crude had its biggest single-day drop in almost three decades earlier this week after talks between OPEC and Russia collapsed, and the coronavirus continues to decimate demand.
Adnoc will sell its flagship Murban grade for a discount of $2.75 a barrel to the Dubai benchmark in April. That’s $4.63 less than the grade’s pricing for this month, which Adnoc issued at the same time.
Abu Dhabi is home to most of the oil deposits in the United Arab Emirates, the third-largest member of the Organization of Petroleum Exporting Countries. Adnoc is Abu Dhabi’s government-run producer.
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Processing tanks at the Ruwais refinery and petrochemical complex, operated by Abu Dhabi National Oil Co., in Al Ruwais, United Arab Emirates, on May 14, 2018.
Photographer: Christophe Viseux/Bloomberg |
Abu Dhabi took a cue from Saudi Arabia and cut pricing for its crude as the world’s biggest producers prepare to flood oil markets in a race for market share.
Abu Dhabi National Oil Co. announced forward pricing for its barrels for the first time on Friday because of the “unprecedented market conditions,” the company said in a statement. Crude had its biggest single-day drop in almost three decades earlier this week after talks between OPEC and Russia collapsed, and the coronavirus continues to decimate demand.
Adnoc will sell its flagship Murban grade for a discount of $2.75 a barrel to the Dubai benchmark in April. That’s $4.63 less than the grade’s pricing for this month, which Adnoc issued at the same time.
Abu Dhabi is home to most of the oil deposits in the United Arab Emirates, the third-largest member of the Organization of Petroleum Exporting Countries. Adnoc is Abu Dhabi’s government-run producer.
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