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Adnoc Shifts Crude Pricing to Platts Dubai Benchmark, Drops ICE Murban Futures

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UAE's Adnoc said Friday it is overhauling its crude pricing methodology, dropping the ICE Futures Abu Dhabi futures contract in favor of a prompt-month pricing mechanism anchored to the Platts Dubai benchmark.

The state-owned energy giant said effective Nov. 1, it will price its flagship Murban, Das, Umm Lulu, and Upper Zakum grades using the Platts Dubai benchmark plus an Adnoc-announced differential.

The new differentials will be published in the month preceding the target delivery month, marking a shift away from the current system, which prices crude two months ahead of loading using Murban futures.

Adnoc said the updated methodology is designed to align pricing more closely with the actual month of loading, while enhancing pricing transparency for its customer and investor base.

The transition is not expected to have a material impact on any Adnoc listed instruments, including issuances under Adnoc Murban's Global Medium Term Note or Sukuk programs, the company said.

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