UAE's ADNOC February Prices Decline

The official selling price of Abu Dhabi National Oil Company's (ADNOC) crude oil grades averaged US$73.56 per barrel in February, lower than the US$77.23 per barrel average price a month earlier. The official selling price of Murban — Adnoc's most popular crude grade — was US$74.20 per barrel in February, while Lower Zakum's was US$73.95 a barrel. This was followed by Umm Shaif at US$73.65 a barrel and Upper Zakum at US$72.55 a barrel, the data showed. Adnoc produces more than 90% of the UAE's oil.

The UAE's average sustainable crude oil production capacity is set to increase 12.5% to 3.06 million bpd by 2014, according to estimates released previously by the International Energy Agency (IEA). The UAE, at present, has a sustainable crude production capacity of 2.72 million bpd, according to the IEA. In 2010, the country's crude production capacity will decline marginally to 2.71 million bpd, but will climb steadily thereafter to 2.75 million bpd in 2011, 2.88 million bpd in 2012 and 2.99 million bpd in 2013, said the Paris-based agency which advises 28 member countries on energy policy.- Zawya, Gulf News