Latest news with #MurbanCrude
Bloomberg
23-07-2025
- Business
- Bloomberg
Ambani's Reliance In Focus as EU Warns Refiners Using Russia Oil
The oil-procurement patterns of India's Reliance Industries Ltd. are coming under scrutiny after the European Union announced new restrictions on diesel made from Russian crude. Reliance bought Abu Dhabi's Murban crude in a rare purchase late last week, traders said, adding that it picked up the cargo soon after Friday's sanction package. The private refiner isn't a regular buyer of the UAE grade, a premium crude that tends to be costlier than its regular appetite of Russian Urals and heavier Middle Eastern varieties.
Zawya
08-07-2025
- Business
- Zawya
Platts plans Murban oil pricing changes in Dubai benchmark from 2026
S&P Global Platts said on Tuesday it was proposing to change the pricing mechanism for United Arab Emirates' Murban crude in the Dubai oil benchmark from 2026 to better reflect market dynamics. The price-reporting agency said in a document on its website that it was proposing the Abu Dhabi grade could be priced above, below or at parity with Dubai and other medium-sour grades in the basket. Currently, a premium is applied to light-sour Murban to reflect its higher quality versus other medium-sour grades - Dubai, Oman, Upper Zakum and al-Shaheen - that can be delivered during the Platts Market on Close process that sets the Dubai benchmark price. However, rising supplies of Murban crude have recently driven down the price of the grade, which in turn has weighed on the Dubai benchmark that prices more than 14 million barrels per day of Middle East oil to Asia. Platts also said it planned to change the calculation in pricing Murban's quality difference with other grades in the Dubai basket. Pending feedback from the industry, the changes will take effect from January 2, 2026, Platts said. "The role of Murban in the Dubai basket has evolved in recent years in light of shifting market dynamics," Platts said. "These include OPEC+ production cuts restraining the availability of medium sour grades and increased supplies of lighter, sweeter crudes at the same time, which have more frequently led to a narrowing or reversal of sweet/sour values." Murban accounts for two-thirds of Abu Dhabi National Oil Co's production. Upgrades at regional and global refineries have also increased demand for heavier and more sour crudes, Platts said. "These market shifts have significantly increased the regularity with which Murban is declared into Dubai convergences and Murban has played a greater role in defining the benchmark," it added. Under the proposed methodology, Platts would assess the daily Murban quality adjustment based on the net price differences between Platts assessments for Murban and Oman for cargoes loading two months ahead over five business days prior to the day of publication. "This is great news for Dubai," a Singapore-based trader said, adding that the changes would prevent Murban from limiting gains for the Middle East benchmark. (Reporting by Siyi Liu and Florence Tan Editing by Mark Potter)
Reuters
03-07-2025
- Business
- Reuters
ADNOC restores most Murban oil supply to equity holders in July, sources say
SINGAPORE, July 3 (Reuters) - Abu Dhabi National Oil Company (ADNOC) has restored most of the Murban crude oil supply going to equity holders in July after making a sharp cut earlier, multiple trade sources said on Thursday. Partners in Murban crude producer ADNOC Onshore, which include BP (BP.L), opens new tab, TotalEnergies ( opens new tab, China National Petroleum Corp, Inpex (1605.T), opens new tab, Zhenhua Oil and South Korea's GS Energy, are entitled to about 40% of production of the grade that stands at around 2.1 million barrels per day, traders said. During the Israel-Iran conflict last month, ADNOC notified equity holders that it would cut their Murban crude supply by 3 million to 4 million barrels in July, the sources said. It was not immediately clear what led to the changes. Most of these volumes have since been restored, they said. A spokesperson for ADNOC said there had been no cuts to supplies to long-term customers such as refiners. "ADNOC has maintained uninterrupted supply to our customers, with no cessation of Murban sales contracts or nominations in June and July," he added in an email. Japan, Thailand and India are the biggest importers of Murban crude, Kpler data showed.
Zawya
03-07-2025
- Business
- Zawya
ADNOC restores most Murban oil supply to equity holders in July, sources say
SINGAPORE - Abu Dhabi National Oil Company (ADNOC) has restored most of the Murban crude oil supply going to equity holders in July after making a sharp cut earlier, multiple trade sources said on Thursday. During the Israel-Iran conflict last month, ADNOC notified equity holders that it would cut their Murban crude supply by 3 million to 4 million barrels in July, the sources said. Most of these volumes have since been restored, they said. ADNOC did not immediately respond to a request for comment. It was not immediately clear what led to these changes. Partners in ADNOC Onshore, the subsidiary which produces Murban crude, include BP, TotalEnergies, China National Petroleum Corp (CNPC), Inpex, Zhenhua Oil, and South Korea's GS Energy. Equity holders are entitled to about 40% of the flagship grade's production which stands at around 2.1 million barrels per day, traders said. Japan, Thailand and India are the biggest importers of Murban crude, Kpler data showed.
Newsweek
26-06-2025
- Business
- Newsweek
White House: No Imminent Plans for Refilling Strategic Petroleum Reserves
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The Trump administration has no imminent plans to replenish the country's Strategic Petroleum Reserve (SPR), White House Press Secretary Karoline Leavitt told reporters during Thursday's briefing. The SPR stands at its lowest level since the 1980s after significant releases under President Joe Biden, and the price of crude oil is hovering between $65 and $70 a barrel after dropping by an average of $10 a barrel earlier this week. Why It Matters The decision not to refill the emergency reserve is significant for U.S. consumers and energy security. The SPR's depleted status limits the government's ability to intervene during supply shocks or price spikes, potentially leaving American families and industries more exposed to global oil market volatility. The administration's focus on domestic production aims to reduce reliance on international supply but raises questions about preparedness for unforeseen crises. In an aerial view, the LyondellBasell Houston refinery is seen at sunset on June 18, 2025 in Houston, Texas.) In an aerial view, the LyondellBasell Houston refinery is seen at sunset on June 18, 2025 in Houston, Texas.)What To Know Oil prices for crude are hovering between $65 and $70 a barrel after prices dropped by an average of $10 a barrel earlier this week. When asked by reporters if this would prompt the administration to try and refill the strategic reserves, Leavitt said she was not aware of any "imminent plans" to do so. Instead, she said the administration would continue with its plans to tap into the nation's natural resources, continuing its slant towards more domestic output as a means of self-sufficiency. "This president and our Department of Energy have tapped into our resources here," Leavitt said. Oil prices have remained largely stable over the past six months at around the mid-to-high $60 a barrel for various crude oils. Some feared that the U.S. strikes in Iran and the war between Iran and Israel might cause prices to jump. Initially, oil rose by about $10 a barrel, but then the price returned to its previous norm. The price of oil was nearly $20 more per barrel at the same time last year, with Brent Crude priced at $86.24 a barrel, WTI Crude priced at $82.81 a barrel, and Murban Crude at $87.44 a barrel. The United States' Strategic Petroleum Reserve reached its lowest inventory since the 1980s in July 2023, with a little under 347.5 million barrels under the Biden administration. Biden replenished some of those losses and left around 393.5 million barrels in the SPR. The Trump administration has added around 3000 barrels to that reserve by March 2025. The reserve hit its peak in 2011 with around 726.5 million barrels, when the authorized capacity was at 727 million. The diminished reserve is a direct result of drawdowns initiated by the Biden administration in a bid to soften consumer fuel prices during previous market volatility, according to Reuters. What People Are Saying Karoline Leavitt, White House spokeswoman, stated: "There's no imminent plans to do that from what I understand, but as you have seen with the plummeting of oil prices in this country, it's because this president and our department of energy have tapped really into our resources here and we have an increase in supply." What Happens Next The Trump administration indicated it would continue relying on expanded domestic energy production to address market demands and has not provided a timeline for when or if the Strategic Petroleum Reserve would be replenished.
