UAE’s Murban crude hits $90, marking its highest peak in 2024

Mr. Choeib Boutamine

April 4, 2024

Mr. Choeib Boutamine, energy expert and CEO of Ranadrill, has said to CNN-business-Arabic that Ukrainian drone attacks on Russian facilities have put investors in India and China in fear of a scarcity of Russian supplies, leading to increasing demand for other types of oil, especially for those that do not require extensive refining, such as the UAE’s Murban crude.

Mr. Choeib Boutamine “entering the maintenance phase in the world’s largest oil importer, China, at about 11.7 million barrels per day, encourages demand for all types of light crude oil.”

The oil price increase witnessed by markets on Wednesday included the UAE’s Murban crude, and the latter’s futures contract for June delivery increased by 0.67%, i.e $ 90.130 per barrel.

This rise comes amid growing concern about global crude supplies following Ukrainian attacks on Russian refineries, and in parallel with the recommendation of the OPEC+ Ministerial Monitoring Committee to maintain current production cuts unchanged.