According to CoinMeta, the UAE’s state-owned oil giant, Abu Dhabi National Oil Company (ADNOC), has reduced the premium on its Murban crude oil by over 60%, to a premium of $4 per barrel compared to Dubai’s benchmark oil price. This reduction exceeds even the cut announced by Saudi Aramco last week. As the supply of crude oil from the Middle East recovers, the competition for market share among oil-producing countries is intensifying, putting downward pressure on global oil prices. Major oil-producing countries in the Middle East have gradually resumed their crude oil exports by using oil tankers to travel through the Strait of Hormuz and by employing pipelines that bypass this high-risk route.