ADNOC Cuts Murban Crude Price to $101.48 as Hormuz Tensions Ease

ADNOC, the national oil company of Abu Dhabi, has cut the official selling price for July for its flagship Murban crude to $101.48 per barrel, down from $104.44 a barrel for June, amid weakening international and Middle Eastern benchmark oil prices.

ADNOC’s recent pricing list for July, reported by Economy Middle East, reflects softening market conditions following the tentative reopening of the Strait of Hormuz.

ADNOC has priced its other grades, Umm Lulu, Das, and Upper Zakum, at par with Murban at $101.48 per barrel for July.

Prices of…