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Sun 3 Jan 2010 10:49 PM

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ADNOC lowers selling price of oil exports after Nov high

State backed company drops official oil prices by 3.2% after 14 month high.

Abu Dhabi National Oil Co, which exports most of its oil to Asia, lowered official December selling prices after they reached the highest level in 14 months in November.Adnoc posted its main Murban crude grade at $76.10 a barrel, $2.50, or 3.2 percent, lower than in November, it said in an emailed statement today.

The December price for Lower Zakum was cut to $75.85 a barrel, while Umm Shaif was posted at $75.60 and Upper Zakum at $74.75.

Crude oil in New York, the global benchmark, ended December trading at $79.36 a barrel, capping its biggest annual gain since 1999. Oil climbed 78 percent in 2009.

The UAE is the fourth largest producer in the Organization of Petroleum Exporting Countries, which pumps 40 percent of the world’s crude.

The country produced 2.27 million barrels a day in December, according to a Bloomberg News survey.

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