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UAE to Ramp Up Murban Exports in 2024

OIL

The UAE will ramp up Murban crude oil exports early next year, as the OPEC+ baseline adjustment will allow the Emirates to pump more oil which will be exported, traders told Reuters.

  • "The market expects bigger supply of Murban crude next year," a trading source said.
  • The UAE’s OPEC quota is likely to be adjusted higher at the next OPEC meeting to 3.219mbpd in 2024, from 2.875mbpd in 2023. The UAE pumped 2.94mbpd in October, according to OPEC secondary sources.
  • Murban spot premiums for January loading slipped further to the lowest level in six months of $1.40/bbl to Dubai quotes as of Thursday, Reuters data showed. This is lower than medium-sour benchmarks Dubai and Oman, which are usually at a discount to the grade.
  • Some of ADNOC's term customers could also receive more Murban in 2024 in exchange for a cut in Upper Zakum crude, according to market participants.
  • Murban faces more competition from arbitrage supplies from the US and the Atlantic Basin, traders said, as Brent prices have fallen to near parity with Dubai this week, down from an average premium of $2.13/bbl in October according to Reuters.
  • Earlier this month sources told Bloomberg, that Adnoc plans to retain more supplies of Upper Zakum crude for domestic use in the Ruwais refinery and customers will be offered other cruse such as Murban or Das.
Energy BulletsCommodities
Energy BulletsCommodities

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