UAE'S ADNOC Keeps June Crude Supply to Asia Steady
Maintains contractual supply of 4 crude grades; Resumes giving plus tolerance for Murban crude
May 2, 2012 3:48 by kippreport
Abu Dhabi National Oil Co (ADNOC), the main exporter for OPEC member the United Arab Emirates, will supply full contractual crude oil volumes to Asia in June, steady from May, an industry source said on Wednesday.
ADNOC has notified Asian buyers that it will supply its four main grades – Murban, Lower Zakum, Umm Shaif and Upper Zakum – at contractual volumes in June, the source said.
ADNOC also resumed giving buyers the option of asking for all grades’ cargoes to be 5 percent more or less than contracted volumes for June, the source said.
Last month, ADNOC granted the so-called tolerance to only the three grades except Murban for May, and did not afford the right to load 5 percent more than the contractual supply of Murban, sources said.
But, in reality, the buyers could have exercised the so-called “plus tolerance” option on Murban crude because supplies were plentiful, the sources said.
Murban is the main export grade for the UAE. ADNOC produces most of the country’s crude.
(Reporting by Osamu Tsukimori; Editing by Michael Watson)