Abu Dhabi cut export prices for its crude for the seventh consecutive month and to the lowest since 2009, Bloomberg has reported.
Murban crude, its main grade, sold in January for $46.40 a barrel, or 23% below December’s level, Abu Dhabi National Oil Company (ADNOC) said in an emailed statement.
Murban hasn’t sold for less since February 2009, data compiled by Bloomberg show.
Crude, from Upper Zakum offshore deposits, will sell for $43.80 in January, down from $58.25, according to the Adnoc statement.
Adnoc also cut the price for its Das crude blend, pumped from offshore fields in the Persian Gulf, to $45.90 a barrel for January from $59.80 in December.
Abu Dhabi has capacity to produce 1.6mn barrels a day of Murban crude out of a daily combined output 3mn barrels for all grades.
Saudi Arabia and Abu Dhabi sell most of their crude under long-term contracts to refiners with the majority of Abu Dhabi’s oil purchased by refiners in Asia.
Oil has fallen 47% in the last six months as swelling supply, mainly from North American shale deposits, has outpaced demand.
Brent crude, a global benchmark, closed at $56.11 on Tuesday trading close to a six-year-low.
