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ADNOC Jul OSP Higher than Expected

OIL

ADNOC official selling price differentials for July were higher than market expectations.

  • ADNOC raised the differential for its light sour Umm Lulu crude by 0.05$/bbl, left Das Blend differential unchanged at -0.60$/bbl and reduced Upper Zakum by 0.1$/bbl.
  • July Murban crude OSP was set at the equivalent to a premium of 7.43$/bbl to July Dubai crude, Umm Lulu equivalent to +7.48$/bbl and Das Blend equivalent to +6.83$/bbl.
  • Rising demand for the grades in Asia and the West and high refining margins have likely limited the expected discounts.

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