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Update: Market Chatter: Adnoc to Raise Offshore Oil Rates for Collection Outside Hormuz

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(Updates to add Adnoc's statement)

Abu Dhabi National Oil Co., d/b/a Adnoc, will offer increased rates for oil collected at Fujairah, located outside the Strait of Hormuz, instead of its usual terminals inside the Persian Gulf, Bloomberg News reported on Monday, citing a price sheet.

The oil giant will reportedly price oil collected at Fujairah based on the Dubai benchmark for August. The Upper Zakum and Das crudes are said to be sold at the Dubai price plus $0.80 per barrel, while the Umm Lulu crude will be offered at the Dubai price plus $1.00 per barrel.

Adnoc toldit does not comment on commercial matters.

(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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