ADNOC offers extra Murban crude to partners, adding to 2 million bpd stream

Abu Dhabi National Oil Company has quietly offered additional April loading volumes of its flagship Murban crude to partners in its onshore concession, trade sources told traders and news agencies on Feb. 27–28. The move expands supply from a stream cited at about 2 million barrels per day and touches a pool of partners who are “entitled to about 40% of production of the grade at about 2 million barrels per day,” according to market reports.

It was not immediately clear how much extra Murban supply there will be. Reuters, which first circulated the trade reports, said the offer was made to partners including BP, TotalEnergies, China National Petroleum Corp, Inpex, Zhenhua Oil and South Korea’s GS Energy. ADNOC, CNPC, Inpex, Zhenhua Oil and GS Energy did not respond to requests for comment, while BP and TotalEnergies declined to comment. Bloomberg had reported earlier on the additional volumes, citing unnamed sources familiar with the plans.

The timing of the offer coincides with elevated output from other Gulf producers and comes ahead of an OPEC+ meeting referenced by traders. Reuters reported the group is “likely to consider raising oil output by 137,000 barrels per day for April, sources said, after suspending production increases in the first quarter.” Reuters also noted that “Saudi Arabia is also increasing its oil production and exports as part of the OPEC kingpin's contingency plan in case any U.S. strike on Iran disrupts supplies from the Middle East,” and that “the rise in production from Saudi Arabia and the United Arab Emirates comes ahead of Sunday's OPEC+ meeting.”

Market reaction to the reports was mixed across live price feeds. Oilprice snapshots captured in the trading wave showed two differing Murban readings: “Murban •557 days, 76.34, -1.97, -2.52%” and a separate live table showing “Murban Crude •16 mins, 72.19, +1.15, +1.62%.” The two captures illustrate the range and intraday volatility around Murban valuations on different feeds; the site also showed WTI at 66.76 and Brent at 72.51 in one snapshot.

Murban is traded as a deliverable crude and has become a regional benchmark through ICE Futures Abu Dhabi and the IFAD exchange. ICE describes Murban as “a highly fungible light sweet crude oil that is widely used by refineries in Asia because of its intrinsic and consistent chemical qualities. It has an API of 39.9 and Sulphur content of 0.78%.” IFAD’s introduction has amplified physical and financial access to Murban: The Gulf Intelligence reported that “IFAD began operations on 29 March 2021 and during its first year, the equivalent of around 1.5 billion barrels of Abu Dhabi’s flagship lower-carbon Murban crude oil was traded on the exchange. IFAD has attracted over 90 market participants.”

The exchange architecture underpins the ease with which additional physical barrels can move through the regional supply chain. ICE and Gulf Intelligence materials note that IFAD and Murban futures are backed by major trading and oil companies; the Gulf Intelligence listed founding partners including BP, GS Caltex, INPEX, ENEOS, PetroChina, PTT, Shell, TotalEnergies and Vitol, while ICE’s founding-partner list includes BP, GS Caltex, INPEX, JXTG, PetroChina, PTT, Shell, Total and Vitol. Physically settled ICE Murban contracts call for 1,000 barrels per lot delivered FOB at the ADNOC Terminal in Fujairah.

Analysts said additional offered volumes to concession partners would add to already ample Middle East supply, but the market impact hinges on how large the bump is and whether partners accept and lift the barrels or resell them. Key unknowns remain the exact size of the allocation and whether formal market notices will follow. People walk past a logo of Abu Dhabi National Oil Company (ADNOC) during the annual energy industry event Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, November 3, 2025. REUTERS/Amr Alfiky Purchase Licensing Rights.