Author : Nithya
The government-run oil manufacturer, Abu Dhabi National Oil Co., has increased the cost of all its four grades of crude oils that were delivered during last month by over 2%.
The Murban crude, which leads the export grades, now costs $74.60 a barrel. These crude oil grades that are sold on basis of long term contracts are now priced at a rate which is 2.2% more than the July prices.
ADNOC has increased the Upper Zakum crude cost by 2.3% to be delivered at $72.80 a barrel, while the Umm Shaif crude now costs $74.15 a barrel, which about 2.4% higher when compared to its cost in July.
The cost of Lower Zakum crude has been registered at $74.35 a barrel, in sync with the average 2.2% hike trend.
UAE, which ranks fourth among the oil manufacturer of the world, had pumped 2.32 million crude oil barrels everyday in August. 7% of the oil reserves of the globe is owned by this Arabian emirates.
ADNOC has plans for decreasing the quantity of Murban and Lower Zakum crude oil shipped for September. While a 20% dip will be showcased for the former grade as against the 10% dip during August, the level of Lower Zakum shipment will be the same as August.
The decrease in the Umm Shaif and Upper Zakum grades will be much narrower this month. According to ADNOC, this decision had been adopted in adherence to the decision adopted by OPEC to restrict the output.
Source : ArabianBusiness.com
