Prices of Abu Dhabi crude oil move higher in July

The official selling price (OSP) of Abu Dhabi's four crude oil grades averaged US$106 a barrel in July, higher than US$102.26 a barrel average price reported for June, latest data from Abu Dhabi National Oil Company (Adnoc) showed. Lower supply from some of the oil producing countries drove international crude prices higher last month, the Dubai-based Gulf News daily paper reported yesterday. In July, the official selling price of the emirate's most popular crude oil grade Murban was US$106.85 a barrel, up from US$103 a barrel in June, while Lower Zakum's price was US$106.60 a barrel last month, as per the data. The official selling price of Umm Shaif crude oil grade in June was US$106.15 per barrel and that of Upper Zakum crude was at US$104.40 a barrel. Crude oil output from the Organisation of the Petroleum Exporting Countries (OPEC) fell 110,000 barrels per day (bpd) to 30.34 million bpd in July from 30.45 million bpd in June, according to global energy information provider, Platts. Platts said in a report a 130,000 bpd increase from OPEC leader Saudi Arabia failed to offset the 200,000 bpd month-over-month crude output drop in Libya, where production and exports have been affected by strikes about pay and conditions as well as protesters demanding oil sector employment. Libyan crude output was estimated at an average 1 million bpd in July. Abu Dhabi accounts for more than 90 per cent of the UAE's crude oil output, the bulk of which is exported. The UAE's average June oil output was unchanged from May at 2.73 million barrels per day (bpd), according to the estimates of Paris-based International Energy Agency (IEA). According to the IEA, the UAE's sustainable oil production capacity was 2.9 million bpd in June while its average crude supply during the second quarter of 2013 was 2.72 million bpd, higher than the first quarter's average supply of 2.67 million bpd.