Argus launches Gulf of Oman pricing benchmarks for Abu Dhabi offshore crude
Argus Media said on Wednesday it has launched daily price assessments for Abu Dhabi offshore crude cargoes exported via ship-to-ship (STS) transfers in the Gulf of Oman, reflecting a shift in regional oil trade caused by disruptions in the Strait of Hormuz.
The new assessments cover Upper Zakum, Das and Umm Lulu crude grades transferred to tankers outside the strait after being delivered from terminals within the Middle East Gulf.
Before the outbreak of the U.S.-Iran conflict at the end of February, Abu Dhabi crude grades were primarily traded on a free-on-board Middle East Gulf basis, with buyers lifting cargoes directly from loading ports.
Prior to the war, ADNOC exported just over 1 million bpd of Upper Zakum crude, just under 700,000 bpd of Das Blend and about 230,000 bpd from the Umm Lulu field, Kpler data on offshore production showed.
The new assessments complement Argus' existing price benchmarks for Murban crude loading at Fujairah in the United Arab Emirates and Oman crude loading at Mina al-Fahal.
The existing Abu Dhabi Crude Oil Pipeline (ADCOP), also known as the Habshan-Fujairah pipeline, can carry up to 1.8 million barrels per day and has proved crucial as the UAE seeks to maximise exports from the Gulf of Oman coast, just outside the strait.
"Trading liquidity for Abu Dhabi offshore crude exports is migrating, and the market needs transparent prices which reflect what is going on," Argus Media Chairman and Chief Executive Adrian Binks said.
Meanwhile, the U.S. and Yemen's Iran-aligned Houthis reported separate attacks on shipping on Tuesday, while prospects for ending the Iran war appeared to fade, with Tehran saying the Strait of Hormuz would remain closed unless Washington accepted its conditions.
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