Murban Crude Hits Four-Month High on ADNOC Supply Cuts

The supply squeeze follows planned maintenance across several onshore fields in Abu Dhabi. This shift in availability marks a stark departure from the previous four months, during which the grade largely traded at a discount to Brent. The current premium is the widest observed since early April, a period defined by acute supply fears surrounding the Strait of Hormuz.

Since exiting OPEC on May 1, the UAE has aggressively pursued international market share, moving over 100 million barrels via spot tenders since June. By rerouting crude through onshore pipelines to bypass the Strait of Hormuz and utilizing "dark" tanker operations, the producer had successfully restored export volumes to pre-crisis levels. This current tightening reflects a strategic pivot in how the state manages its output against the backdrop of persistent logistical challenges in the Gulf.