SINGAPORE: Abu Dhabi National Oil Company (ADNOC) has restored most of the Murban crude oil supply going to equity holders in July after making a sharp cut earlier, multiple trade sources said on Thursday.
During the Israel-Iran conflict last month, ADNOC notified equity holders that it would cut their Murban crude supply by 3 million to 4 million barrels in July, the sources said.
Most of these volumes have since been restored, they said.
ADNOC did not immediately respond to a request for comment.
It was not immediately clear what led to these changes.
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Partners in ADNOC Onshore, the subsidiary which produces Murban crude, include BP, TotalEnergies, China National Petroleum Corp (CNPC), Inpex, Zhenhua Oil, and South Korea’s GS Energy.
Equity holders are entitled to about 40% of the flagship grade’s production which stands at around 2.1 million barrels per day, traders said.
Japan, Thailand and India are the biggest importers of Murban crude, Kpler data showed.
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