Bloomberg Agency reported that the Abu Dhabi National Oil Company (ADNOC) intends to raise oil prices in February following Saudi Arabia.
ADNOC set the February price for Murban crude at a premium of 75 cents, an increase of 25 cents from January. Earlier, the Saudi oil and gas company, Aramco, raised oil prices for buyers in Asia for February. OPEC+, after a meeting on January 5, defined the contours of its deal from two months ago, extending the current terms of the agreement for almost all countries. Previously, OPEC+ member countries decided to reduce the production rate by 7.125 million barrels per day next month, with a production rate of 7.05 million barrels in March as well, while Saudi Arabia announced a voluntary reduction of its production by one million barrels per day over the next two months.
