Singapore, 26 July (Argus) – Abu Dhabi's state-owned oil firm Adnoc has reduced the allocations of its lighter crude grades to Asia-Pacific buyers for September by a larger amount compared with August.

Adnoc reduced the September allocations of Murban and Lower Zakum by 20pc from contracted volumes, compared with August when allocations of Murban and Lower Zakum were reduced by 10pc.

But Adnoc reduced allocations of light sour Umm Shaif by a smaller amount. September Umm Shaif allocations were cut by 10pc from contracted volumes, compared with reductions of 20pc for August.

September allocations of heavy sour Upper Zakum were also reduced by 10pc from contracted volumes, compared with 20pc reductions for August. The higher export volumes of Upper Zakum may add bearishness to the Mideast Gulf crude market, as September cargoes of medium-heavy sour grades such as Oman, Dubai and Russian ESPO Blend crude remain on offer.

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