Adnoc lowers selling price following collapse of Opec deal – The National

Adnoc lowers selling price following collapse of Opec deal – The National

Adnoc lowers selling price following collapse of Opec deal. The move mirrors similar pricing changes made by Saudi Aramco, which slashed prices on Sunday. Abu Dhabi National Oil Company lowered the price for its flagship Murban crude by $11.70 per barrel to $56.10 per barrel for February, the company said in a note to its customers.. The UAE's largest producer followed Saudi Arabia's lead in offering discounts to buyers following the collapse of the Opec+ pact.. Adnoc, which currently prices its crude retroactively, had previously set the selling price for Murban, its main crude grade, at $67.80 per barrel in January.. The state-owned producer also cut its official selling prices for other crude grades for February.. The move mirrors action taken by Saudi Arabia's state-owned oil producer Saudi Aramco, which issued guidance to the market on Sunday that it would reduce its selling price to Asia by $4 to $6 per barrel, much higher than the cut of $2 per barrel expected by analysts prior to the Opec meeting in Vienna last week.. Saudi Arabia also lowered the prices of its crude grade for customers in the US, Europe and the Mediterranean by up to $7 to $8 per barrel..