The official selling price (OSP) of Abu Dhabi’s crude oil grades averaged $65.76 (Dh241) in July, down 51.53 per cent from an average price of $135.68 a barrel during the same month a year earlier, figures from the state-owned Abu Dhabi National Oil Company (Adnoc) show.

As well, Adnoc’s average crude price in July was lower than the June
average of $71.05 a barrel in line with the international oil market
price trends. In May, Adnoc crude prices averaged $59.49 a barrel, down
52.06 per cent from an average $124.10 a barrel in May 2008.

The OSP of Adnoc’s most popular crude grade, Murban, in July was $66.95
a barrel. Its other crude grade, Lower Zakum, was priced at $65.95 a
barrel, followed by Umm Shaif at $65.70 a barrel and Upper Zakum at
$64.45 a barrel.

The OSP of Abu Dhabi’s crude oil grades averaged $96.48 a barrel in
2008 on the back of record-high prices during the better part of the
first three quarters of 2008.

On July 11 last year, oil prices on the international market touched an
all-time high of $147.27 a barrel. However, oil prices went into a
freefall during the third quarter last year with the onset of the
global fin-ancial crisis.  As economies contracted, the demand for
petroleum products waned in top consumer countries, mainly the US,
which is the world’s largest importer of crude oil. An increase in oil
inventories worldwide also contributed to lower oil prices. Crude oil
futures for September 2009 delivery in the US on the New York
Mercantile Exchange yesterday were trading below $68 a barrel in early
trade. “The world currently has a surplus oil production capacity of
over six million barrels a day which is keeping a lid on prices going
much higher,” Dalton Garis, Associate Professor of Economics and
Petroleum Market Behaviour at the Petroleum Institute in Abu Dhabi,
told Gulf News.

International oil prices have almost doubled since plunging below $33 a
barrel in December, an indication that consumption is gradually picking
up and the worst phase of the global financial crisis may have passed.

The average OSPs of Abu Dhabi crude oil grades are rebounding from lows
of $40.96 a barrel in December in line with global oil market trends.

Source: Gulf News

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