What specific change is ADNOC making to its crude oil pricing mechanism, and when does it take effect?

ADNOC is switching from using the ICE Futures Abu Dhabi Murban contract to the regional Dubai benchmark published by Platts for pricing all its onshore and offshore crude oil grades, effective November 1. Additionally, pricing will now be announced in the month prior to loading instead of two months ahead.

Why is ADNOC abandoning the Murban futures contract, and what does ICE’s response indicate about its future?

ADNOC is abandoning the Murban futures contract due to extreme price volatility linked to disruptions in the Strait of Hormuz during the Iran war, which undermined its reliability as a pricing benchmark; ICE responded by suspending all Murban futures contracts with no open interest immediately and allowing remaining contracts to trade only until expiry or loss of open interest, effectively ending the contract’s role after just a few years.

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ADNOC announced it will switch its crude oil pricing benchmark from Murban futures to the regional Dubai marker effective November 1st. This move aims to enhance transparency and stability amid geopolitical volatility affecting the Strait of Hormuz.

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