ADNOC offers extra Murban for April, reinforcing the supply-heavy narrative ahead of OPEC+
⏱️ ADNOC is reportedly offering additional Murban volumes to its onshore concession partners for April 2026 exports, landing just ahead of the March 1 OPEC+ meeting.
📌 Murban is Abu Dhabi’s flagship grade, with production around 2 million bpd. Concession partners hold roughly 40% lifting rights, and some of the extra cargoes have already surfaced in the spot market.
🔎 More Middle East barrels typically weigh on spot premiums as the market prices in looser availability. April-loading Dubai cargo premiums have recently slipped below the ~$2/bbl area.
💡 If OPEC+ resumes a modest April hike of about +137,000 bpd, the easing-supply message becomes clearer, likely capping near-term upside even with geopolitical risk still in the background.
⚠️ The exact incremental volumes are not disclosed, so price impact hinges on the real increase and Asian demand strength. If demand softens, oversupply risk can reprice quickly.