UAE's ADNOC Offers April Murban Crude From S.Korea Storage In Rare Move
SINGAPORE, Feb 16 (Reuters) - Abu Dhabi National Oil Company has offered Murban crude to be loaded in April from its oil storage in South Korea, three trade sources said on Thursday.
The rare offer was made to a pool of selected buyers in Asia and ADNOC did not specify what volume it planned to sell, they said.
ADNOC has 6 million barrels of Murban crude stored in oil tanks in Yeosu, South Korea, and is likely looking to clear storage space for future use, the sources said.
ADNOC could not immediately be reached for comment.
The producer has additional Murban to market in April as it did not renew short-term contracts with traders and as its domestic demand fell after an outage at the Ruwais refinery.
ADNOC is still in talks with Chinese companies for the remaining 12 percent stake in Abu Dhabi's ADCO onshore oil concession.
The crude offers from Yeosu tanks have weighed on Murban's April spot premiums which have fallen to below 10 cents a barrel, one of the sources said.
Japan's Inpex and oil major BP previously sold April-loading Murban at about 10 cents a barrel above the grade's official selling price (OSP), traders said.
(Reporting by Florence Tan; Editing by Tom Hogue and Joseph Radford)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Gunvor CEO Sees Russian Refining Capacity Taking Hit from Drone Strikes
- Sinopec Engineering Posts Higher Annual Petrochemicals Revenue
- Subsea7 Secures Contract to Service Woodside's Trion
- These Factors Helped Brent Oil Price Break Above $85
- Imperial Pipeline in Winnipeg Goes Offline for Three Months
- Adnoc Inks Supply Deal for Ruwais LNG Project with Germany's SEFE
- Gaz System to Acquire Gas Storage Poland
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension