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Adnoc Adopts New Official Selling Price Methodology for Crude Grades

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Abu Dhabi National Oil Co., or Adnoc, will implement a new official selling price methodology across its Abu Dhabi onshore and offshore crude grades, following a regular commercial review.

Effective Nov. 1, the state-owned oil group will adopt a prompt-month pricing methodology based on the Platts Dubai benchmark plus an Adnoc-announced differential to be announced the month before the target delivery month, according to a Friday release. It currently implements an ICE Futures Abu Dhabi-based pricing methodology, which uses the Murban futures contract and prices crude two months before loading.

Adnoc said the decision is not expected to have a material impact on any of its listed instruments.

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