Abu Dhabi National Oil Co (ADNOC) has concluded its term negotiations for cargoes loading over January to December 2015 at US$9-10/ton premium to its own price formula on a free-on-board (FOB) basis, as per traders in Reuters. The concluded level for the 12-month contract is down by about 70% when compared to a February 2014 to January 2015 term done at US$30-32/ton premium as current ample supplies have brought down prices.
However, ADNOC's contract premiums are firmer than fellow Middle Eastern sellers - including Bahrain Petroleum Co and Qatar's Tasweeq - who concluded their deals at US$7-9/ton above Middle East quotes.
12-Dec-14 
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