The Abu Dhabi National Oil Company (Adnoc) has set the March retroactive selling price for its benchmark Murban crude at $66.10 a barrel.

The price is 5 cents lower than that of February, Adnoc said in a statement.

This sets the March Murban official selling price (OSP) premium to Dubai quotes at $3.36, down 6 cents compared with the previous month.

The March OSP premium to Dubai quotes for Das and Upper Zakum fell 11 cents from February.

Adnoc also reduced allocation of its flagship Murban crude for its customers by 25 per cent for March and April. The move is in line with the UAE’s commitment to the deal between the Organization of Petroleum Exporting Countries (OPEC) and a group of 11 oil producers, led by Russia, to reduce oil supply in the global market to boost crude prices.