Following Opec+’s decision earlier this month to cut its group quota by 2mn b/d from November through to end-2023, Adnoc this week significantly cut its forecast Murban crude availability. The Abu Dhabi state energy giant has released 12-month forecasts for the availability of its flagship crude since the launch of the Murban futures contract last year to aid transparency (MEES, 5 March 2021).
In its 27 October forecast, export volumes throughout 2023 were all cut by 80,000-100,000 b/d. Murban availability fluctuates between 1.366mn b/d and 1.386mn b/d, whereas it had previously been slated to be 1.466mn b/d for most of the year. (CONTINUED - 164 WORDS)
