UAE’s ADNOC plans to supply full quantities of crude to Asian buyers in February

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Dubai – Mubasher: Two well-informed sources said today, Tuesday, that the Abu Dhabi National Oil Company “ADNOC” will supply all quantities of all grades of crude to customers on fixed-term contracts in Asia in February for the third month in a row..

This comes ahead of the meeting between the Organization of the Petroleum Exporting Countries and its allies, within the framework of the OPEC + group, on Thursday to discuss production policy for 2022, according to Reuters.

The Emirati producer resumes full supplies to Asia from December loadings after OPEC + agreed to increase production by 400,000 barrels per day each month from August.

ADNOC exports the largest proportion of its crude to Asia, and its grades include Murban, Umm Lulu, Das and Upper Zakum.

It is reported that profits increased Abu Dhabi National Oil Company for Distribution “ADNOC”by 27 percent by the end of the first half of 2021.

In a statement to the Abu Dhabi Stock Exchange during August 2021, the company stated that its profits amounted to 1.15 billion dirhams, compared to profits of 910.3 million dirhams during the same period in 2020..

The company attributed the increase in profits to an increase in revenues by 17% compared to the same period in the previous year, as a result of the increase in selling prices and the increase in the quantities of fuel sold..

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