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(Bloomberg) — More of Abu Dhabi’s flagship Murban crude is set to be exported in April, according to people familiar with the plans, adding to indications of robust oil supplies from countries across the key producing region.
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Government-owned Abu Dhabi National Oil Co. has offered additional volumes to partners in the United Arab Emirates’ onshore concession, said the people, who asked not to be identified discussing trading information. Those companies have already sold some of the extra cargoes on the spot market, they said.
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The global oil market has faced a host of signs that supplies from the Middle East have been picking up in recent weeks, with both Saudi Arabia and Iran accelerating shipments amid concerns that a dispute between Washington and Tehran risks impeding exports. At the same time, an OPEC+ meeting set for this weekend may also endorse a return to production increases from April.
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For Adnoc and its partners, it’s not clear how much additional Murban will be supplied, or how the incremental volumes will be distributed. Adnoc owns 60% of the onshore concession — with capacity to pump about 2 million barrels a day of Murban — while TotalEnergies SE, BP Plc, China National Petroleum Corp., Inpex Corp., Zhenhua Oil Co. and GS Energy Corp. hold the rest.
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On crude markets, Murban has slumped this week relative to global benchmarks Brent and Dubai as some of those added barrels have been offered for sale. Meanwhile, Brent futures — the global benchmark — touched $72.61 a barrel on Thursday, the highest intraday price since last July.
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Adnoc and most of the partner companies did not respond to requests for comment. A spokesperson for Inpex declined to comment on specifics concerning commercial matters, including so-called lifting volumes.
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Adnoc has adjusted volumes offered to the market before, including at times when OPEC+ has changed output quotas in a bid to manage prices or reclaim market share. Ahead of this weekend’s meeting, some OPEC+ delegates said they expected the group would agree to resume modest supply rises.
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