Abu Dhabi National Oil Co., the state-owned producer, cut February prices on all its crude grades by about 4 percent after Persian Gulf suppliers including Saudi Arabia, Iraq and Iran lowered rates for buyers in Asia, according to Bloomberg.
The price for Murban crude, its largest export grade, was lowered to $74.20 a barrel.Upper Zakum crude was cut the most, by 4.6 percent to $72.55 a barrel.
The U.A.E., holder of almost 8 percent of the world’s oil reserves, is OPEC’s fourth-largest producer, pumping 2.28 million barrels of crude a day in January, according to a Bloomberg survey. The country, which exports most of its crude oil to Asia, has capacity to produce about 2.8 million barrels a day, Oil Minister Mohamed Al-Hamli said in Abu Dhabi today.
To contact the reporter on this story: Anthony DiPaola in Dubai at email@example.com.