CoinWorld reports that Abu Dhabi National Oil Company, the UAE’s state-owned oil giant, has cut the premium on its Murban crude by more than 60% to $4 per barrel above the Dubai benchmark. The cut is even steeper than the one announced by Saudi Aramco last week. As crude supplies from the Middle East recover, competition among oil-producing countries for market share is intensifying, putting downward pressure on global oil prices. Major Middle Eastern producers have gradually restored crude exports using tankers that pass through the Strait of Hormuz and pipelines that bypass this high-risk shipping route.