DUBAI: Abu Dhabi National Oil Company (ADNOC) has cut its retroactive selling price for its benchmark Murban crude for February by $11.70 a barrel to $56.10 a barrel, the company said on Monday.

In January, ADNOC has set its selling price for Murban at $67.80 per barrel.

"ADNOC has always sets a fair and reasonable retroactive price for its crude that is consistent with market conditions. We can assure our customers that this practice will continue," the company said in a statement.

ADNOC has also cut its official selling prices for the rest of its crude grades for February. The move comes after Saudi Arabia slashed crude prices for April, following the collapse of OPEC’s pact on cutting supplies with Russia. 

Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War as Saudi Arabia and Russia signalled they would hike output in a market already awash with crude after their three-year supply pact collapsed. 

Brent crude futures were down by more than 27% at $35.50 a barrel by 1130 GMT, after early dropping by as much as 31% to $31.02, their lowest since Feb. 12, 2016.

 

The following table shows the latest OSPs:

Feb Jan Change

Murban $56.10 $67.80 -$11.70

Umm Lulu $56.40 $68.10 -$11.70

Das $55.35 $67.05 -$11.70

Upper Zakum $55.15 $66.85 -$11.70

 

(Reporting by Dahlia Nehme; Editing by Rania El Gamal) ((dahlia.nehme@thomsonreuters.com;))