Abu Dhabi Cuts Crude Prices in Saudis’ Wake as Oil War Grows

Adnoc slashes pricing for its flagship Murban crude for April
Move comes amid broader price war between key oil producers

Processing tanks at the Ruwais refinery and petrochemical complex, operated by Abu Dhabi National Oil Co., in Al Ruwais, United Arab Emirates, on May 14, 2018. — Processing tanks at the Ruwais refinery and petrochemical complex, operated by Abu Dhabi National Oil Co., in Al Ruwais, United Arab Emirates, on May 14, 2018.
Photographer: Christophe Viseux/Bloomberg

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By Anthony Di Paola

March 13, 2020 at 3:56 PM UTC

Updated on

March 13, 2020 at 4:40 PM UTC

This article is for subscribers only.

Abu Dhabi took a cue from Saudi Arabia and cut pricing for its crude as the world’s biggest producers prepare to flood oil markets in a race for market share.

Abu Dhabi National Oil Co. announced forward pricing for the first time on Friday because of the “unprecedented market conditions,” the state-run company said in a statement. Crude had its biggest single-day drop in almost three decades earlier this week after talks between OPEC and Russia on production strategy collapsed, and as the coronavirus continues to decimate demand.