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OIL
The UAE is exploring the possibility of offering a heavier crude blend which would be called Ghasha and sold though Adnoc according to Bloomberg reports.
- The new blend would likely come from several of its offshore fields.
- Adnoc is seeing if there is enough interest for the blend and if the fields can produce suitable flow levels.
- The blend may be used to fill a market niche for crude that’s not as light as the UAE’s other oil blends.
- The crude will be mixed into existing blends if the Ghasha grade fails to make traction.
- The company is seeking to have its 2mn bpd Murban grade trade as a benchmark, alongside Brent according to Bloomberg.
source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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