Adnoc Widens Upper Zakum Discount

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Abu Dhabi National Oil Co. (Adnoc) slashed the official September selling price for its medium, sour Upper Zakum crude by 20¢/bbl relative to its benchmark light, sour Murban crude. The move leaves Upper Zakum at a significant discount of 80¢/bbl to Murban. Adnoc also raised the official prices of its light, sour Umm Lulu and light, sour Das crudes by 5¢/bbl relative to the Murban benchmark. The official Murban price had been set at $73.50/bbl for September loadings by the ICE Futures Abu Dhabi Murban contract, which was up $1.16/bbl from the price for August loadings (IOD Jul.2'21). Adnoc Official Crude Prices ($/bbl) Sep'21 Aug'21 Chg. Murban 73.50 72.34 1.16 Umm Lulu 73.55 72.34 1.21 vs. Murban 0.05 0.00 0.05 Das 73.20 71.99 1.21 vs. Murban -0.30 -0.35 0.05 Upper Zakum 72.70 71.74 0.96 vs. Murban -0.80 -0.60 -0.20 Source: Abu Dhabi National Oil Co.

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