The Abu Dhabi National Oil Company (ADNOC) raised crude selling prices by more than 5% in March to their highest since November.
The move follows gains in Saudi Arabia’s main grades to the United States and Asia and coincides with oil prices reaching an 18 month high earlier this week.
ADNOC raised the price of Murban crude, its largest export grade, to $78.30 a barrel, the company stated.
The firm also raised the price of Upper Zakum crude by $3.70 a barrel for March. The UAE holds 8% of the world’s oil reserves and is the fourth largest producer of oil in the Organisation of Petroleum Exporting Countries (OPEC).
Last Sunday Saudi Aramco raised prices for light crude it expects to sell next month.
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