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Market Chatter: Adnoc Proposes New Oil Pricing Methodology for 3 Crude Grades

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The UAE's Abu Dhabi National Oil is proposing to price Upper Zakum, Das, and Umm Lulu crude grades at a differential to the Dubai benchmark, instead of Murban futures, to align with regional trading practices, Bloomberg reported on Tuesday, citing people with direct knowledge of the matter.

The proposed pricing methodology will reportedly allow easier comparison versus other Middle Eastern grades, such as Oman and Al Shaheen, which are typically traded against Dubai. Pricing formulation for Murban, Abu Dhabi's flagship crude, will remain unchanged, the report said.

The company's marketing team has already discussed the changes with traders and refiners, sources told the news agency, although a timeline for implementation has yet to be identified.

Adnoc did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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