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(Bloomberg) — Abu Dhabi National Oil Co. will sell offshore crude oil for collection outside the Strait of Hormuz at levels indexed to the Dubai benchmark, according to a price sheet seen by Bloomberg.
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The United Arab Emirates’ largest oil company will set the price of the oil — if collected on a ship-to-ship transfer basis at Fujairah — against the Dubai benchmark for August. Upper Zakum and Das crudes can be bought at an 80-cents-a-barrel premium to Dubai, while Umm Lulu will be priced at a $1-a-barrel premium. These grades originate from locations inside the Persian Gulf. The same crudes are still being offered from their usual sites.
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The UAE has been adjusting its oil policy following the outbreak of the Iran war, given disruptions to flows through Hormuz that have convulsed the market and stoked regional tensions. Among recent changes, the country quit OPEC in May, and accelerated work on a pipeline to expand flows to Fujairah. Despite the ongoing conflict, the country boosted oil production to an all-time high last month, according to the International Energy Agency.
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Adnoc was offering the new, alternative prices and delivery conditions for offshore grades “in light of current market conditions,” it said in the price sheet, without elaborating. The company’s crude-marketing team had spoken with refiners and traders in at least Singapore and Japan since late last month on the planned changes, Bloomberg reported earlier.
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The company also set prices for all of its crudes on a loading basis at their respective terminals, in line with practices in previous months. The price of its flagship Murban grade was set at $80.01 a barrel for August loading, based on trading on an exchange in the emirate, according to the price sheet. All other grades are priced at a parity to Murban if bought on a loading basis — meaning buyers have to arrange their own shipping.
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