Abu Dhabi National Oil Co., the United Arab Emirates state-owned company, raised September oil prices for a second month ahead of next week’s meeting of the Organization of Petroleum Exporting Countries.
Murban, a high-sulfur grade, was set at a four-month high of $75.90 a barrel, up about 2 percent from August, Adnoc, as the company is known, said in an e-mailed document today. Lower Zakum was increased to $75.65, Umm Shaif to $75.50 and Upper Zakum to $74, according to the document.
Abu Dhabi is the capital and main oil-resource holder in the U.A.E., the third-largest OPEC producer, which pumped 2.31 million barrels of crude last month, based on a Bloomberg News survey. OPEC’s 12 members, responsible for about 40 percent of global oil supply, are scheduled to discuss policy Oct. 14 in Vienna.
Benchmark crude futures in New York fell today from an eight-week high near $81 a barrel, after surging 11 percent in September, the most since May 2009. Oil in the $70-to-$80 range is “as close to perfect as possible,” Saudi Arabian Oil Minister Ali al-Naimi said in April and King Abdullah has targeted $75 as a fair price for consumers and producers. The kingdom is the biggest OPEC producer.
Abu Dhabi announces official selling prices retroactively, meaning crude lifted the previous month is set based on market conditions, demand, and producer and exchange prices. Producers including Saudi Arabia and Kuwait announce price formulas as a premium or discount to a benchmark to determine the cost of oil sold in forward months.
To contact the reporter on this story: Yee Kai Pin in Singapore at kyee13@bloomberg.net
To contact the editor responsible for this story: Clyde Russell at crussell7@bloomberg.net
http://jodnet.blogspot.com
Murban, a high-sulfur grade, was set at a four-month high of $75.90 a barrel, up about 2 percent from August, Adnoc, as the company is known, said in an e-mailed document today. Lower Zakum was increased to $75.65, Umm Shaif to $75.50 and Upper Zakum to $74, according to the document.
Abu Dhabi is the capital and main oil-resource holder in the U.A.E., the third-largest OPEC producer, which pumped 2.31 million barrels of crude last month, based on a Bloomberg News survey. OPEC’s 12 members, responsible for about 40 percent of global oil supply, are scheduled to discuss policy Oct. 14 in Vienna.
Benchmark crude futures in New York fell today from an eight-week high near $81 a barrel, after surging 11 percent in September, the most since May 2009. Oil in the $70-to-$80 range is “as close to perfect as possible,” Saudi Arabian Oil Minister Ali al-Naimi said in April and King Abdullah has targeted $75 as a fair price for consumers and producers. The kingdom is the biggest OPEC producer.
Abu Dhabi announces official selling prices retroactively, meaning crude lifted the previous month is set based on market conditions, demand, and producer and exchange prices. Producers including Saudi Arabia and Kuwait announce price formulas as a premium or discount to a benchmark to determine the cost of oil sold in forward months.
To contact the reporter on this story: Yee Kai Pin in Singapore at kyee13@bloomberg.net
To contact the editor responsible for this story: Clyde Russell at crussell7@bloomberg.net
http://jodnet.blogspot.com
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