Adnoc to Supply Extra Murban from 2 Million bpd Field with 10% BP Stake
Adnoc has offered additional Murban crude for April from its onshore concession, which can produce 2 million barrels a day and includes BP’s 10% stake. These extra barrels have pressured Murban versus Brent and Dubai, as Brent futures hit $72.61 intraday, signaling price volatility ahead of the OPEC+ meeting.
1. Adnoc Expands April Murban Offerings
Adnoc has offered incremental volumes of Murban crude for April to its partners, with some barrels already sold on the spot market. The precise scale of the added supply remains undisclosed, reflecting a strategic push to strengthen Middle Eastern output ahead of the upcoming OPEC+ meeting.
2. BP’s Stake in Onshore Concession
The UAE onshore concession can produce about 2 million barrels per day of Murban. Adnoc holds a 60% stake while BP retains 10%, alongside TotalEnergies, China National Petroleum Corp., Inpex, Zhenhua Oil and GS Energy in the remaining 40%.
3. Price Impact and Benchmark Performance
These extra Murban barrels have weighed on the grade’s performance versus Brent and Dubai benchmarks this week. Despite the added volumes, Brent futures reached an intraday high of $72.61, highlighting the resilience of global crude pricing even as supply signals build.
4. OPEC+ Outlook and Volatility Risks
Delegates have indicated that OPEC+ could resume modest output increases from April, a move that may align with recent capacity shifts by Adnoc. For BP and other stakeholders, evolving quota decisions could introduce near-term price swings as market participants await clearer production guidance.