Abu Dhabi National Oil Co. maintained the forecast of its flagship Murban crude available for export from December 2021 to October 2022, and added a figure for November 2022. ADNOC will ship 1.437 million b/d of Murban in November 2022, unchanged from September and October 2022, it said in a Nov. 28 report. That compares with 1.205 million b/d in December 2021, with volumes rising to 1.437 million b/d in September 2022, the report showed. Murban is ADNOC's largest crude by volume, accounting for a production capacity of about 2 million b/d of the company's total capacity of around 4 million b/d. Murban is produced from 2,000 onshore wells. ADNOC sets the official selling price for Murban crude using the monthly average of the Singapore marker price of Murban futures on the ICE Futures Abu Dhabi exchange, which go to delivery two months in advance.
The OSPs for ADNOC's Upper Zakum, Das and Umm Lulu grades are priced at a differential to the Murban OSP. ADNOC set the December official selling price for Murban at $82.73/b, up from $73.41/b for the November OSP. Murban is the second physically delivered futures contract to trade on a regional exchange after the Dubai Mercantile Exchange's Oman crude futures. It is also a deliverable grade in the S&P Global Platts benchmark Dubai and Oman crude assessments.