Abu Dhabi state energy firm Adnoc has priced its Upper Zakum export grade at a $0.50/B premium to its flagship Murban export grade for January 2024 (MEES, 8 December). Upper Zakum is typically priced at a substantial discount to the lighter Murban grade, and while it has occasionally been priced at a modest premium, this is the largest such premium in MEES records back to 2009.
The development comes as maintenance at the 417,000 b/d Ruwais West refinery in early 2024 has freed up additional Murban barrels for export, exacerbating already weakening light/medium differentials stemming from Opec+ production cuts. (CONTINUED - 134 WORDS)