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Market Chatter: ADNOC to Cut Aug, Sept Oil Sales to Asia During Maintenance

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The Abu Dhabi National Oil Co. is planning to cut the amount of oil it sells to Asian buyers in August and September, primarily due to maintenance at Abu Dhabi's onshore oil fields, according to a Bloomberg report, citing sources familiar with the matter.

The move has already led to a surge in the flagship Murban oil grade, with prices up 1.83% on Wednesday, at $99.54 per barrel, with the reduction set to reduce volumes in the spot market by 5%, while physical cargoes purchased through ICE Futures Abu Dhabi remain unaffected.

This comes weeks after the company deferred its maintenance plans in March, from May to September, due to disruption to the Strait of Hormuz.

Meanwhile, Murban prices climbed to their highest levels since April following a sharp rally in August, as the ongoing stalemate between the US and Iran keeps prices elevated.

ADNOC did not immediately respond to' request for a comment on this story.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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