ID :
18796
Wed, 09/10/2008 - 14:25
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Shortlink :
https://oananews.org//node/18796
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Adnoc crude prices average US$112.69 in first eight months
Abu Dhabi, Sept 10, 2008 (WAM) - The official selling price (OSP) of Abu Dhabi crude oil grades averaged US$112.69 per barrel in the first eight months of this year, data from the Abu Dhabi National Oil Company (Adnoc) show.
According to the report published in the daily ‘Gulf News’, the price of Adnoc's crude grades - Murban, Lower Zakum, Upper Zakum and Umm Shaif averaged US$115.93 in August, 17.04 per cent lower than the July average price.
Adnoc crude prices averaged their highest ever in July at US$135.68 per barrel, in line with the soaring international prices at the time that touched an all-time high of US$147.27 on July 11. However, since then, global oil prices have fallen to US$105 due to a sharp slowdown in US economic growth, along with the developed econ-omies in Europe and Japan which, it is feared, are slipping into recession.
The OSP of Adnoc's most popular crude grade, Murban, in August was US$117.50 a barrel. Its other crude grade, Lower Zakum, was priced at US$117.40, followed by Umm Shaif at US$116.50 and Upper Zakum at US$112.30.
In June, the Murban, Lower Zakum, Upper Zakum and Umm Shaif grades had an average price of US$132.28.
Adnoc's prices in May averaged US$124.1 per barrel, in April US$107.85, in March US$100.81, in February US$93.83 and in January US$91.06.
The OSP of Abu Dhabi grades in the first half averaged US$108.32 per barrel, a whopping 73.6 per cent rise on the year and in line with surging global oil prices.
Last year, in the January to June period, the prices of Adnoc's crude grades averaged US$62.39 a barrel.
The UAE's oil export revenue is expected to cross the US$100 billion mark in 2008 on the back of strong international prices.
Abu Dhabi's production accounts for nearly 94 per cent of the UAE's crude output.
The country's oil would last 92 years at current production levels, latest estimates of global energy major BP show.
The UAE's output currently is about 2.66 million barrels per day. Its proven oil reserves of 97.8 billion barrels make up 7.9 per cent of the world's total.
According to the report published in the daily ‘Gulf News’, the price of Adnoc's crude grades - Murban, Lower Zakum, Upper Zakum and Umm Shaif averaged US$115.93 in August, 17.04 per cent lower than the July average price.
Adnoc crude prices averaged their highest ever in July at US$135.68 per barrel, in line with the soaring international prices at the time that touched an all-time high of US$147.27 on July 11. However, since then, global oil prices have fallen to US$105 due to a sharp slowdown in US economic growth, along with the developed econ-omies in Europe and Japan which, it is feared, are slipping into recession.
The OSP of Adnoc's most popular crude grade, Murban, in August was US$117.50 a barrel. Its other crude grade, Lower Zakum, was priced at US$117.40, followed by Umm Shaif at US$116.50 and Upper Zakum at US$112.30.
In June, the Murban, Lower Zakum, Upper Zakum and Umm Shaif grades had an average price of US$132.28.
Adnoc's prices in May averaged US$124.1 per barrel, in April US$107.85, in March US$100.81, in February US$93.83 and in January US$91.06.
The OSP of Abu Dhabi grades in the first half averaged US$108.32 per barrel, a whopping 73.6 per cent rise on the year and in line with surging global oil prices.
Last year, in the January to June period, the prices of Adnoc's crude grades averaged US$62.39 a barrel.
The UAE's oil export revenue is expected to cross the US$100 billion mark in 2008 on the back of strong international prices.
Abu Dhabi's production accounts for nearly 94 per cent of the UAE's crude output.
The country's oil would last 92 years at current production levels, latest estimates of global energy major BP show.
The UAE's output currently is about 2.66 million barrels per day. Its proven oil reserves of 97.8 billion barrels make up 7.9 per cent of the world's total.
