UAE'S ADNOC sets Dec Murban crude OSP at $37.25/bbl

DUBAI: Abu Dhabi National Oil Company (ADNOC) cut its the December retroactive selling price for its benchmark Murban crude to $37.25 per barrel, down $6.30 from the month before, it said on Tuesday.

That puts the December Murban official selling price (OSP) at a $2.66 per barrel premium to the average of Dubai quotes for the month, up 80 cents from the differential in November, Reuters data showed.

Light, sour crude supply is expected to tighten early this year as ADNOC has cut Murban and Das crude exports due to field maintenance and higher domestic demand.

Asian refiners are also demanding more Murban and Das to take advantage of higher margins from producing gasoline and naphtha since the grades yield more light fuels after refining.