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ADNOC shifts Abu Dhabi crude grades to prompt-month Platts Dubai pricing
The change takes effect for all Abu Dhabi grades starting November 1, 2026, with an ADNOC-set differential published in the month before loading.
Abu Dhabi National Oil Company, or ADNOC, said all of its Abu Dhabi crude grades will move to a prompt-month pricing methodology tied to the Platts Dubai benchmark starting November 1, 2026.
Instead of pricing cargoes two months ahead using ICE Futures Abu Dhabi, or IFAD, Murban futures, ADNOC will price Murban, Das, Upper Zakum, and Umm Lulu against prompt-month Platts Dubai, with an ADNOC-announced differential published in the month preceding loading.
ADNOC described the decision as the result of a regular commercial review, but the company’s shift also reflects how Middle Eastern oil markets have changed over the past year, as geopolitical events altered how refiners buy and hedge crude.
The move is not framed as criticism of the IFAD Murban contract, which ADNOC says was a step change when launched by introducing continuous screen trading, unrestricted destination clauses, and a more transparent pricing mechanism for the region.
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