Adnoc has announced that “availability” of its flagship Murban crude for export markets will jump to record highs in March following the conclusion of a major refinery upgrading project. Additional volumes of the 40°API, 0.7% sulfur Murban grade will enter a market in which premiums commanded by light grades, such as Murban, over their heavier counterparts have narrowed significantly thanks in large part to surging output and exports of light US crude and NGLs (MEES, 5 January), as well as Opec+ cuts which have focused on heavier grades.
The Abu Dhabi state firm’s latest monthly Murban Crude Oil Export Availability Forecast from 27 December unveiled a sizeable 186,000 b/d upwards revision for March 2024 availability to a record 1.605mn b/d. Availability is then to be held at more than 1.6mn b/d for most of the year, steadily increasing from June to 1.641mn b/d before dipping in December (see chart 1). (CONTINUED - 830 WORDS)
