The Abu Dhabi National Oil Company (ADNOC) announced it will shift all of its Abu Dhabi crude grades to a prompt-month pricing methodology based on the Platts Dubai benchmark, effective November 1, 2026.
The transition applies to Murban, Das, Upper Zakum, and Umm Lulu grades. Under the new system, crude will be priced against prompt-month Platts Dubai with an ADNOC-announced differential published in the month preceding loading.
ADNOC's switch to prompt-month Platts Dubai pricing begins.
Previously, ADNOC priced its cargoes two months ahead using ICE Futures Abu Dhabi (IFAD) Murban futures. The company stated that the change follows a regular commercial review.
Reports differ on the underlying reasons. While ADNOC attributes the shift to a routine commercial review and market evolution, some sources link the move to problems with Murban futures exposed during an Iran war.
The new methodology will price crude against prompt-month Platts Dubai with an ADNOC-announced differential.
The Murban futures contract, introduced to provide continuous screen trading, unrestricted destination clauses, and a transparent pricing mechanism, will be replaced as the pricing basis for ADNOC's grades.
Platts Dubai serves as the primary reference price for medium-sour crude traded into Asia. The UAE continues to expand production capacity following the relaxation of OPEC production constraints.