UAE's ADNOC raises March Murban crude OSP to 5-mth high

DUBAI: Abu Dhabi National Oil Company (ADNOC) set its March retroactive selling price for benchmark Murban crude at $68.60 per barrel, the highest in five months, the company said on Wednesday.

The March OSP is $2.25 higher than the previous month. That puts Murban's March OSP premium to Dubai quotes at $1.67 a barrel, 10 cents less than the previous month.

For other grades, the producer raised Umm Lulu's March OSP premium to Dubai quotes by 10 cents, while it cut the premium for Das crude by 1 cent.

The cuts on the premiums for Murban and Das were smaller than expected, traders said, as the grades traded at discounts of 10-20 cents a barrel last month.

Upper Zakum's March OSP premium to Dubai quotes by 5 cents, in line with expectation.