UAE – Mubasher: Abu Dhabi National Oil Company (ADNOC) decided on Wednesday to sharply lower the official selling prices (OSPs) of its crude oil cargoes for May delivery, according to S&P Global Platts.
ADNOC has set the discount of the Murban's official selling prices (OSP) at $6.95/b to Platts Dubai crude assessments for May, compared to a $2.75/b discount in April.
Meanwhile, the Upper Zakum was determined at a premium of 10 cents/b to the Murban OSP, while the Das Blend OSP was set at a discount of 35 cents/b to Murban and Umm Lulu at parity with Murban, S&P Global Platts referred.
At the same time, ADNOC declared that it is committed to decreasing its oil production from its current levels of 4.1 million barrels per day to be in line with OPEC+ agreement, concluded on Sunday, 12 April, to cut output by 9.7 million bpd in May and June.
ADNOC stressed that contractual terms with its customers will not be affected by the decision to cut its oil production.
