Which three ADNOC crude grades are affected by the proposed pricing mechanism change, and what benchmark will they be priced against?

The three ADNOC crude grades affected are Upper Zakum, Das, and Umm Lulu. ADNOC plans to price them at differentials to Dubai quotes for cargoes loading two months ahead, shifting from the Murban futures contract to the Dubai benchmark.

How does ADNOC’s current pricing approach for Murban crude differ from the proposed changes for Upper Zakum, Das, and Umm Lulu?

ADNOC’s flagship Murban crude will continue to be priced using the monthly average of the Murban futures contract traded on the ICE Futures Abu Dhabi platform, while Upper Zakum, Das, and Umm Lulu will shift to being priced at differentials to Dubai quotes for cargoes loading two months ahead.

ADNOC mulls changes to pricing mechanism for three oil grades, sources say

Jun 30, 2026

ADNOC plans to shift pricing for three crude grades from Murban futures to Dubai benchmark differentials, affecting long-term contracts, while flagship Murban crude retains its current mechanism.

reuters

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ADNOC mulls changes to pricing mechanism for three oil grades, sources say