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 exports, just ahead of the March 1 OPEC+ meeting.

📌 Murban is Abu Dhabi’s flagship crude grade, with production around 2 million bpd. Concession partners hold roughly 40% lifting rights, and some of these 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 crude 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. This would likely cap near-term upside, even with geopolitical risks still in the background.

⚠️ The exact incremental volumes are not disclosed. Therefore, price impact hinges on the real increase and Asian demand strength. If demand softens, oversupply risk can reprice quickly.

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