Adnoc crude averages $106.62 in first half

The official selling price of crude oil grades produced by the Abu Dhabi National Oil Company (Adnoc) averaged $106.62 per barrel during the first six months of 2011, up 37.95 per cent over the corresponding period a year earlier, as an accelerated global economic recovery boosted oil prices on increased demand, latest data from Adnoc, extrapolated by Gulf News showed. In January to June 2010, the average official selling price of Abu Dhabi's crude oil grades was $77.95 per barrel. In June, the average official selling price of Adnoc crude oil grades jumped to $110.9 a barrel from $74.11 a barrel during the same month a year earlier. In June, the official selling price of Adnoc's Murban crude was $112.15, while the Lower Zakum crude sold at $111.95 a barrel. Umm Shaif grade's selling price was $111.55 a barrel, while Upper Zakum's price was $107.95 a barrel. Production boost Article continues below The 12-member Organisation of the Petroleum Exporting Countries' (Opec) pumped an average 29.57 million barrels per day of crude oil in June, an increase of 530,000 barrels per day as Saudi Arabia, Kuwait and the UAE boosted production, a Platts survey of Opec and oil industry officials and analysts showed. In May, Opec production was 29.04 million barrels per day. The UAE's oil production increased by 80,000 barrels per day (bpd) in June to 2.6 million bpd from 2.42 million bpd in May, latest figures from the Paris-based International Energy Agency (IEA) showed. The IEA also said the UAE's sustainable oil production capacity is set to increase to 2.74 million bpd by the end of 2011, from an estimated 2.69 million bpd. Adnoc produces more than 90 per cent of the UAE's crude oil output. The UAE's capacity (is) expected to increase by around 175,000 bpd to 2.92 million bpd from third quarter 2011 to fourth quarter 2012, said the IEA. "The Emirates is slated to bring online five different expansion projects with nameplate capacity of 420,000 bpd over the 2011-2012 period," it added. The IEA advises 28 industrialised nations on energy policy. Meanwhile, according to Platts, a global energy information provider, in the afternoon European trading yesterday, crude oil futures remained higher with the market shaking off some weak macroeconomic data from Europe and China and instead showing its approval for a US debt deal expected to be voted later in the day. At 1200 GMT, September ICE Brent traded $1.80 higher at 118.54/barrel, while September NYMEX crude was up $1.13 at $96.83/barrel. International oil prices are expected to reach $150 a barrel this winter on increased global demand, a UAE-based energy expert told Gulf News previously. Opec output policy talks collapsed in June after several members opposed a Saudi-led push to raise production. Saudi Arabia and its Gulf allies, including the UAE, have since said they will supply as much crude as the market wants — without a formal Opec agreement.