ID :
23925
Sat, 10/11/2008 - 13:00
Auther :
Shortlink :
https://oananews.org//node/23925
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Adnoc's September crude selling price down almost 20% on August
Abu Dhabi, Oct 11, 2008 (WAM) - The official selling price (OSP) of Abu Dhabi crude oil grades averaged US$96.90 (Dh356) per barrel in September, down 19.64 per cent from the previous month in line with falling global oil prices, latest data from the Abu Dhabi National Oil Company (Adnoc) show according to a report in “Gulf News.”
The OSP of Adnoc's most popular crude grade, Murban, in September was US$98.05 a barrel, down from US$117.50 a barrel in August.
Among its other crude grades, Lower Zakum had an OSP of US$98.05 a barrel in September, down from US$117.40 the previous month, Umm Shaif's OSP was at US$97.15 a barrel, down from US$116.50 a barrel in August and Upper Zakum was at US$94.35, down from US$112.30 in August.
The prices of Adnoc's crude grades - Murban, Lower Zakum, Upper Zakum and Umm Shaif averaged US$115.93 in August, 17.04 per cent below the July average price.
Peaked in July
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 below US$90 due to the global economic turmoil, and Europe and Japan are widely feared to be slipping into recession.
However, the global oil prices are still strong and the UAE's oil export revenue is expected to cross the US$100 billion mark this year.
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, recent estimates of global energy major BP show.
The UAE's output currently is about 2.66 million barrels per day.
The OSP of Adnoc's most popular crude grade, Murban, in September was US$98.05 a barrel, down from US$117.50 a barrel in August.
Among its other crude grades, Lower Zakum had an OSP of US$98.05 a barrel in September, down from US$117.40 the previous month, Umm Shaif's OSP was at US$97.15 a barrel, down from US$116.50 a barrel in August and Upper Zakum was at US$94.35, down from US$112.30 in August.
The prices of Adnoc's crude grades - Murban, Lower Zakum, Upper Zakum and Umm Shaif averaged US$115.93 in August, 17.04 per cent below the July average price.
Peaked in July
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 below US$90 due to the global economic turmoil, and Europe and Japan are widely feared to be slipping into recession.
However, the global oil prices are still strong and the UAE's oil export revenue is expected to cross the US$100 billion mark this year.
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, recent estimates of global energy major BP show.
The UAE's output currently is about 2.66 million barrels per day.
