ADNOC Unveils New Crude Pricing Mechanism
ADNOC Unveils New Crude Pricing Mechanism ADNOC is changing the pricing formula used for its flagship crude grades.
The oil giant said Friday it willmove awayfrom its ICE Futures Abu Dhabi-based pricing methodology, which prices crude off the Murban futures contract two months ahead of loading, and switch to a prompt-month system built around the Platts Dubai benchmark.
1 and covers all four of ADNOC's Abu Dhabi grades: Murban, Das, Umm Lulu and Upper Zakum.
Under the new formula, ADNOC will set official selling prices using the Platts Dubai assessment plus a company-announced differential, disclosed the month before the target delivery month.
The company says the change aligns pricing more closely with the actual month crude loads, replacing a system that had set prices two months out since the IFAD Murban contract launched in 2021.
That launch made Murban the first Middle East crude grade with its own tradeable futures contract, and ADNOC spent years building it as a regional alternative to Brent and WTI.
Five years later, the company is now using that contract to set its own official prices, even as trading in the futures contract itself continues.
The move follows a narrower proposal reported byMEESearlier this month, which had ADNOC's offshore grades shifting to Dubai while Murban stayed on futures pricing.
Friday's announcement goes further, pulling Murban itself, which accounts for roughly two-thirds of ADNOC's output, into the Dubai-linked system.
It also comes three months after the UAE's exit from OPEC and OPEC+, effective May 1, which freed ADNOC from production quotas and gave it more room to set its own commercial terms.
Platts had already been adjusting how Murban factors into the Dubai basket.The price agencyremoved the floortying Murban's value to Dubai back in January, after years of rising Murban supply and shrinking medium-sour barrels pushed the grade into a bigger role in setting the benchmark.
ADNOC's move now formalizes that shift on the seller's side, too.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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