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Abu Dhabi: The official selling price (OSP) of Abu Dhabi crude grades has averaged $112.23 per barrel during the first seven months of this year, data from the Abu Dhabi National Oil Company (Adnoc) show.
The Adnoc crude prices averaged their highest-ever in July at $135.68 per barrel, in line with the soaring international oil prices that touched an all-time high of $147.27 a barrel on July 11.
The OSP of Adnoc's most popular crude grade, Murban, in July, was $137.35 a barrel. Its other crude grade Lower Zakum was also priced at $137.35 a barrel, followed by Umm Shaif at $136.35 a barrel and Upper Zakum at $131.65 a barrel.
In June, the Murban, Lower Zakum, Upper Zakum and Umm Shaif had an average price of $132.28 a barrel. The Adnoc oil grades prices in May averaged $124.1 per barrel, in April $107.85, in March $100.81, in February $93.83 and in January $91.06 per barrel.
The OSP of Abu Dhabi crude oil grades during the first half of 2008 averaged $108.32 per barrel, a whopping 73.6 per cent rise on the year and in line with the surging global oil prices. Last year, during the January to June period, the prices of the Adnoc crude grades averaged $62.39 a barrel.
The UAE's oil export revenue is expected to cross the $100 billion mark in 2008 on the back of strong international prices. Abu Dhabi's production accounts for nearly 94 per cent of the UAE's crude output.
The UAE's oil output currently is about 2.66 million barrels per day. The country's proven oil reserves of 97.8 billion barrels make up 7.9 per cent of the world's total reserves.
The revenue from oil and gas and oil products constitute 35 per cent of Abu Dhabi's gross domestic product, 80 per cent of the government's revenue and 90 per cent of the total exports.
Last week, the Abu Dhabi government reiterated its plans to invest as much as $20 billion (Dh74 billion) by 2010 to increase its crude output capacity by 30 per cent to 3.5 million barrels per day.
According to the UAE Central Bank, the country's oil exports in 2007 were valued at Dh261.42 billion, up 22.5 per cent on year.
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