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UAE Lowers Flagship Oil Price Premium for December as Mideast Supply Rebounds

Abu Dhabi National Oil Company (ADNOC) has reduced its price premium for December supplies of flagship Murban crude by more than 60% to a $4 per barrel premium over the Dubai benchmark. The cut closely follows pricing reductions by neighboring Saudi Arabia as recovering Middle Eastern supplies intensify regional competition for market share. Official selling prices for other major UAE crude grades were also cut compared to November.

Published Source: Bloomberg.com
Illustration: A crude oil supertanker berthed at an offshore terminal in the Persian Gulf at dawn, with industrial loading arms, pipelines, and calm o
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The United Arab Emirates has reduced the price premium for December supplies of its flagship crude grade shortly after neighboring Saudi Arabia cut its crude oil selling prices, Bloomberg reported, citing traders familiar with the matter.

State-owned producer Abu Dhabi National Oil Company (ADNOC) reduced the premium for Murban crude by more than 60%, establishing a $4 per barrel premium over the regional Dubai benchmark price. The price of Murban is referenced against the Dubai benchmark, and official selling prices for other major UAE crude grades were also reduced compared to November levels.

The sharp reduction in price premiums reflects intensifying rivalry among Middle Eastern oil producers to secure market share as regional crude supplies rebound.

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