- Azerbaijan’s state oil company SOCAR has bought out the 3.65% operating interest held by Japanese trading company Itochu (TYO:8001) in the Azeri-Chirag-Guneshli (ACG) offshore field, marking the fourth exit from the project. From November 1, Abu Dhabi’s state oil company ADNOC will price all its grades against Platts Dubai, abandoning its futures-based IFAD Murban mechanism after buyers started demanding prompter pricing amidst Hormuz disruptions. Brazil’s state oil firm Petrobras (NYSE:PBR) announced that it would only finish drilling the Morpho well in the Foz do Amazonas basin in September instead of its original May deadline, potentially opening a new 30-billion-barrel untapped oil frontier. Russia’s Oil Exports Dip on Higher Refinery Runs. Russia’s weekly seaborne crude oil exports have dipped below 4 million b/d for the first time in six weeks, coming in at 3.9 million b/d, as the relative lull in Ukrainian drone strikes on refineries has seen throughputs rebound to 4 million b/d again.