Singapore — Abu Dhabi National Oil Co. lowered official selling prices for all of its four crude oil grades, which loaded in May, by 60-80 cents/b from April, while raising their OSP differentials against Platts Dubai, according to a company notice issued Sunday.
The price reductions are comparable to the drop in sour crude prices between April and May. Front-month cash Dubai averaged $69.375/b over May, down $1.575/b from April.
ADNOC set the price for May Murban at $72.35/b, down 70 cents/b from April. As a differential to Dubai crude assessments in May, the Murban OSP is at a premium of $2.98/b, up 88 cents/b month on month.
This is the highest the Murban differential against Dubai has been since September 2018, when it was at $3.10/b.
The Das Blend OSP for May was lowered by 65 cents/b to $71.85/b from April. The Das Blend differential to Dubai is a premium of $2.48/b in May, up 93 cents/b from the April premium.
This is the highest the Das Blend differential against Dubai has been since September 2018 when it was at $2.55/b.
Additionally, the differential for ADNOC’s mainstay medium sour Upper Zakum crude grade also fell month on month. The May outright OSP for Upper Zakum was lowered by 80 cents/b from April to $71.15/b, which is a premium of $1.78/b to Dubai.
This is the highest the Upper Zakum differential against Dubai has been since January 2014 when it was at $2.08/b.
For ADNOC’s newest, light crude grade, Umm Lulu, the outright price for May was lowered by 60 cents to to $72.55/b. As a differential to Dubai, Umm Lulu is at a premium of $3.18/b, a rise of 98 cents/b month on month.
This marks a record-high for the Umm Lulu differential against Dubai since an OSP for the grade was launched in October 2018.