August 6, 2008

UAE Energy Giant Announces Crude Oil Prices for July

UAE energy giant announces crude oil prices for July

ABU DHABI, Aug. 5 (Xinhua) -- The Abu Dhabi National Oil Company (ADNOC), an energy giant of the United Arab Emirates (UAE), announced on Tuesday the retrospective prices of its four main grades of crude oil for July.

According to the ADNOC, the price for the onshore Murban crude oil was set at 137.35 U.S. dollars per barrel, up 3.35 dollars compared with that of June.

Prices for the three offshore crudes were set at 137.25 dollars for Lower Zakum, 136.35 dollars for Umm Shaif and 131.65 dollars for Upper Zakum, up 3.35, 3.35 and 3.45 dollars respectively compared with the prices of June.

The ADNOC, a government-owned company established in 1971, is one of the world's leading oil companies with huge reserves. It currently produces over 2.7 million barrels of oil per day, according to the company's website.

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