UAE Follows Saudi Arabia in Cutting Crude Prices as Middle East Supply Recovery Intensifies Market Share Battle

Stock News11-10 21:40

According to reports, shortly after neighboring Saudi Arabia cut its prices, the UAE also significantly reduced the price premium for its flagship crude grade for December. As Middle East supply recovers, competition among oil-producing nations for market share is intensifying.

Traders revealed that Abu Dhabi National Oil Company (Adnoc) slashed the premium of its Murban crude relative to the Dubai benchmark by more than 60%, bringing it down to $4 per barrel. Since November, the official selling prices for other major UAE crude grades have also been lowered. The reduction for Murban even exceeded the price cut announced by Saudi Aramco last week.

Meanwhile, Middle East oil exports are recovering to levels seen before the Iran war, exerting downward pressure on the global oil market. Major oil companies in the region have restored crude flows through tanker shipments via the Strait of Hormuz, as well as through pipelines that bypass this high-risk chokepoint.

The recovery in Middle East exports, combined with signs of easing in the months-long conflict between the United States and Iran, has further intensified downward pressure on oil prices. On Tuesday, Brent crude futures fell below $90 per barrel for the first time since August. This came after U.S. President Donald Trump, facing calls to end the war following a devastating defeat in the Republican midterm elections, signaled a willingness to seek a diplomatic resolution.

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