What is ADNOC proposing to change about its official selling prices (OSPs) for Upper Zakum, Das, and Umm Lulu crude grades?

ADNOC is proposing to set the monthly official selling prices (OSPs) for Upper Zakum, Das, and Umm Lulu crude grades at a differential to the Dubai benchmark for cargoes loading two months ahead—replacing the current practice of setting those OSPs as a differential to Murban futures traded on the ICE Futures Abu Dhabi platform. The proposal does not affect the OSP formulation for Murban crude itself, which remains unchanged. This shift aims to align ADNOC’s pricing methodology with wider regional trading norms and facilitate easier price comparison with other Persian Gulf crudes like Oman and Al-Shaheen, which also trade against the Dubai benchmark on the spot market.

Why is ADNOC engaging in discussions with refiners, traders, and stakeholders in Singapore and Japan regarding this proposed pricing change?

ADNOC’s crude-marketing team has engaged with refiners and traders—including traveling to Singapore and Japan—to explain the proposed new OSP methodology for Upper Zakum, Das, and Umm Lulu crude grades; these private discussions reflect ADNOC’s effort to consult key term customers and market participants ahead of any potential implementation, ensuring transparency and alignment with commercial expectations. The outreach underscores the strategic importance of the change, particularly as it supports ADNOC’s broader objective to ramp up crude production and shipments following the UAE’s exit from OPEC in May, while also reinforcing efforts to maintain export flows by encouraging term buyers to collect oil from within the Gulf and expanding spot market sales.

Abu Dhabi Proposes New Oil-Pricing System to Mirror Wider Market

Jun 30, 2026

ADNOC proposes adjusting crude pricing methodologies to align with regional norms, shifting from Murban futures to Dubai benchmark differentials. The move supports production ramp-up following the UAE's exit from OPEC.

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