The average official selling price (OSP) of Abu Dhabi crude oil grades fell 51.12 per cent on year to $52.95 (Dh194) a barrel in the first six months of 2009 on global oil price trends, figures extrapolated from the state-owned Abu Dhabi National Oil Company (Adnoc) data show.

In first-half 2008, the average selling price of Abu Dhabi crude grades
was $108.32 a barrel. However, Adnoc crude prices are steadily moving
upward this year, the data shows, as consumption gradually increases
worldwide dsespite the global financial crisis. In January, the prices
of Adnoc crude grades averaged $44.79 a barrel, though in February they
fell slightly to average $44.09 a barrel. In March, the average price
went up again to $46.84 a barrel, while in April it was at $51.46 a
barrel. In May the oil prices rose to average as high as $59.49 a
barrel. In June, the average price for Adnoc oil grades shot up to
$71.05 a barrel.
Adnoc recently told customers that it will cut their allocations by 19
per cent from August following its decision to reduce production at
four fields – Murban, Upper Zakum, Lower Zakum and Umm Shaif. Adnoc’s
move is aimed at complying with the UAE’s production quota set by the
Organisation of Petroleum Exporting Countries.

Source: Gulf News

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