Adnoc offers spot Murban for April-May in rare move
SINGAPORE, March 18, 2016
Abu Dhabi National Oil Company (Adnoc) has offered spot cargoes of its flagship Murban crude loading in April and May to buyers in Asia in an unusual move, trade sources said.
The state oil producer offered at least two million barrels for May, one source said, adding that it was not immediately clear why Adnoc has extra crude for export.
The additional spot supply is expected to weigh on Murban's differential for May, the sources said.
Buyers expected Murban's discount to its official selling price (OSP) to be as big as 50 cents a barrel versus offers at discounts of 10 to 20 cents, they said.
Adnoc last offered a large volume of straight-run fuel oil and Murban crude in August on issues at a local refining unit.
Adnoc typically sells its crude via annual contracts. The company could not be immediately reached for comment. - Reuters
