28 Jun 2024 Issue: 67 / 26 By: Jamie Ingram
With the UAE securing Opec+ quota gains for 2025, Adnoc’s latest Murban availability forecast shows sizeable upwards revisions from already-record levels.
Adnoc has significantly revised up its forecast availability of Murban crude from January 2025 to new all-time highs. The revision came in Adnoc’s first monthly Murban availability forecast since the 2 June Opec+ ministerial meeting yielded a production roadmap for the UAE and other Opec+ countries out to end-2025 (MEES, 7 June).
The roadmap entails two key production dynamics. Firstly, the UAE and seven other Opec+ producers will begin unwinding 2.2mn b/d of voluntary cuts from October, although this could be paused or reversed depending on market conditions. The other notable agreement was for the UAE’s underlying ‘Required Production’ figure to be gradually increased by 300,000 b/d between January and September 2025 irrespective of market conditions. (CONTINUED – 646 WORDS)
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IN THIS ARTICLE
Charts
1: UAE Production Set To Increase Considerably In 2025 Under Opec+ Roadmap
2: Murban Availability To Increase As Opec+ Cuts Ease (mn b/d)
3: Increase In Shipments Of Seaborne Crude And Condensate To The Ruwais Refining Complex (‘000 b/d), Enables Murban Exports To Jump In 2024
REFERENCED MEES ARTICLES
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