ADNOC offers partners more Murban crude ahead of the OPEC+ meeting, sources and reports say

Abu Dhabi will 'export' more of its Murban crude, according to Bloomberg News and two trade sources. This will add to the already abundant supply from Middle East producers.

Bloomberg reported that the state-owned Abu Dhabi National Oil Co. offered to increase volumes for partners in the onshore concession of the country, citing people who were familiar with the plans.

It was not immediately apparent how much additional Murban will be supplied.

Partners in Murban crude producer ADNOC Onshore include BP TotalEnergies China National Petroleum Corp Zhenhua oil and South Korea’s GS Energy. They are entitled to 40% of the production at 2 million barrels a day.

ADNOC and its partners did not immediately respond to requests for comment.

Saudi Arabia also increased its oil production, and exported as part of OPEC's contingency plans in case a U.S. attack on Iran disrupted Middle East supplies.

Saudi Arabia and the United Arab Emirates have increased their?production ahead of Sunday's OPEC+ gathering. Sources say that the group will likely consider increasing oil production by 137,000 barrels per day in April after suspending increases during the first quarter.

In the last week, the rise in Murban supply has had a negative impact on spot crude prices. They have fallen below $2 per barrel for cargoes loaded in April. Data showed. Reporting by Devika Nair in Bengaluru; Florence Tan in Singapore and Chen Aizhu; Additional reporting by Yousef Saba in Dubai; Joyce Lee in Seoul; Yuka Obayashi, Tokyo; Editing and production by Sharon Singleton & Philippa Fletcher

(source: Reuters)