ADNOC (Abu Dhabi National Oil Company) raised prices for its crude blends by about 5.5% for customers in the US and Asia, following the lead of Saudi ARAMCO.
Crude oil sold by ADNOC is shipped and delivered first and the price is set at the end of the each month by ADNOC. This price change applies to all March deliveries. Murban March delivery were priced at 78.30 dollars to a barrel, while Zakum was set at 76.25 per barrel. For customer in Asia, the Murban, Zakum, Dubai/Oman and Arab Light benchmark is more relevant for pricing and hedging purposes rather than WTI or Brent. ADNOC will next update prices at end of April for April deliveries.