Thursday, February 28, 2008

Adnoc to give full term crude to Asia in April

Adnoc to give full term crude to Asia in April Reuters Published: February 28, 2008, 00:39

Singapore: Abu Dhabi National Oil Co (Adnoc) told its Asian customers that it will supply them crude oil at full contracted volumes for April, unchanged from March as expected, refiner sources said yesterday.

Demand for additional supplies from Abu Dhabi, the main oil producer for UAE, were limited for April as Asia enters the refinery turnaround season and oil demand falls, refiners added, in line with Opec's reasoning that no more oil is needed during the second quarter.

"We got full contracted volumes," a trader with a term lifter said.

The full allocations, and limited additional volumes, come ahead of Opec's March 5 meeting, where members are expected to refrain from raising output due to expectations of slower demand.

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