finance
ADNOC Lowers July Murban Crude Price to $101.48 per Barrel
Abu Dhabi National Oil Company cut its official selling price for Murban crude for July delivery by $2.96 per barrel. The reduction follows the easing of supply concerns after the United States and Iran agreed to open peace talks and reopen the Strait of Hormuz.
Jun 25, 9:30 AM·1m read1 source
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ADNOC set the July official selling price for its flagship Murban crude at $101.48 per barrel, down from $104.44 per barrel in June. The company also priced Umm Lulu, Das, and Upper Zakum grades at the same level. The price cut reflects softening international and Middle Eastern benchmark prices after the United States and Iran announced a memorandum of understanding to launch peace talks and reopen the Strait of Hormuz.
The United States also lifted its blockade in the Gulf of Oman that had targeted Iranian oil exports.
Eastern benchmarks Dubai, Murban, and Oman futures declined over the past week. The futures curve for Dubai and Murban flipped to contango for the first time since February 28, indicating reduced concern about immediate supply shortages. OilPrice.com reported that the price adjustment aligns with broader market conditions following the tentative reopening of the Strait of Hormuz.
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