Business & Finance
UAE Tweaks Offshore Oil Pricing to Support Non-Hormuz Options
Key Points
UAE Tweaks Offshore Oil Pricing to Support Non-Hormuz Options Abu Dhabi National Oil Co. will sell offshore crude oil for collection outside the Strait of Hormuz at levels indexed to the Dubai benchmark, according to a price sheet seen by Bloomberg. The United Arab Emirates’ largest oil company will set the price of the oil — if collected on a ship-to-ship transfer basis at Fujairah — against the Dubai benchmark for August. Upper Zakum and Das crudes can be bought at an 80-cents-a-barrel...
UAE Tweaks Offshore Oil Pricing to Support Non-Hormuz Options
Abu Dhabi National Oil Co. will sell offshore crude oil for collection outside the Strait of Hormuz at levels indexed to the Dubai benchmark, according to a price sheet seen by Bloomberg.
The United Arab Emirates’ largest oil company will set the price of the oil — if collected on a ship-to-ship transfer basis at Fujairah — against the Dubai benchmark for August. Upper Zakum and Das crudes can be bought at an 80-cents-a-barrel premium to Dubai, while Umm Lulu will be priced at a $1-a-barrel premium. These grades originate from locations inside the Persian Gulf. The same crudes are still being offered from their usual sites.
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