ADNOC to Switch Crude Pricing to Platts Dubai From November 1
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Abu Dhabi National Oil Co. (ADNOC) said Friday it will overhaul its crude pricing formula, shifting all four of its Abu Dhabi grades to a prompt-month Platts Dubai benchmark starting November 1. The move replaces the current system, which sets prices off the Murban futures contract two months ahead of loading. ADNOC’s flagship Murban crude, accounting for roughly two-thirds of the company’s output, will now be priced using the Dubai assessment plus a monthly differential.
The Pricing Overhaul
From Nov. 1, ADNOC will set official selling prices for Murban, Das, Umm Lulu and Upper Zakum using the Platts Dubai benchmark price plus an announced differential, replacing the two-month forward pricing tied to the ICE Futures Abu Dhabi Murban contract. The differential will be disclosed in the month before delivery, aligning pricing more closely with the actual loading month. ADNOC said the change will not materially affect its listed instruments, including bonds under the ADNOC Murban GMTN and Sukuk programs.
Murban's Futures Legacy
ADNOC launched Murban futures trading in 2021, creating the first Middle East crude grade with its own exchange-traded contract and positioning it as a regional competitor to Brent and WTI. The contract has underpinned the company’s official prices since then. Platts already removed a price floor linking Murban to the Dubai basket in January, acknowledging the grade’s growing influence. Friday’s announcement extends that shift, with Murban itself—the largest volume grade—now formally moving to Dubai pricing.
Post-OPEC Commercial Freedom
The policy change follows the UAE’s exit from OPEC and OPEC+ agreements, effective May 1, which freed ADNOC from production restraint and gave it latitude to pursue more flexible commercial strategies. MEES had earlier reported a narrower proposal to shift only offshore grades, but Friday’s plan pulls all grades, including Murban, into the new framework. ADNOC said trading in the Murban futures contract will continue despite the pricing change.
What's Next
Market participants will turn their focus to ADNOC’s first official selling price under the new formula, expected in October for November-loading barrels. Whether sufficient liquidity remains in the Murban futures contract to sustain its role as a tradeable benchmark without ADNOC’s own pricing link remains an open question.
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ADNOC to Switch Crude Pricing to Platts Dubai From November 1
