Adnoc's September crude selling price down almost 20% on August |
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Saturday, Oct 11, 2008
Gulf News
Abu Dhabi: The official selling price (OSP) of Abu Dhabi crude oil grades averaged $96.90 (Dh356) per barrel in September, down 19.64 per cent from the previous month in line with falling global oil prices, latest data from the Abu Dhabi National Oil Company (Adnoc)Abu Dhabi National Oil Company (Adnoc)
show.
Among its other crude grades, Lower Zakum had an OSP of $98.05 a barrel in September, down from $117.40 the previous month, Umm Shaif's OSP was at $97.15 a barrel, down from $116.50 a barrel in August and Upper Zakum was at $94.35, down from $112.30 in August.
The prices of AdnocAdnoc's crude grades - Murban, Lower Zakum, Upper Zakum and Umm Shaif averaged $115.93 in August, 17.04 per cent below the July average price.
Peaked in July
AdnocAdnoc crude prices averaged their highest ever in July at $135.68 per barrel, in line with the soaring international prices at the time that touched an all-time high of $147.27 on July 11.
However, since then, global oil prices have fallen below $90 due to the global economic turmoil, and Europe and Japan are widely feared to be slipping into recession.
However, the global oil prices are still strong and the UAE's oil export revenue is expected to cross the $100 billion mark this year.
Abu Dhabi's production accounts for nearly 94 per cent of the UAE's crude output.
The country's oil would last 92 years at current production levels, recent estimates of global energy major BP show.
The UAE's output currently is about 2.66 million barrels per day.
© Gulf News 2008. All rights reserved.
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