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ADNOC shifts crude pricing to a prompt-month system from Nov. 1

The change replaces a two-month-ahead Murban futures method with Platts Dubai-linked pricing tied to the delivery month for all four Abu Dhabi grades, effective Nov. 1.

Reported · Written up by our desk · Energy

ADNOC will change how it sets official selling prices for its flagship crude grades, moving away from an ICE Futures Abu Dhabi-based methodology and adopting a prompt-month system linked to Platts Dubai.

According to OilPrice, the current approach prices crude off the Murban futures contract two months ahead of loading, while the new formula sets official selling prices using the Platts Dubai assessment plus a differential announced by the company in the month before the target delivery month.

The company says the change takes effect Nov. 1 and applies to all four of its Abu Dhabi grades: Murban, Das, Umm Lulu, and Upper Zakum.

OilPrice adds that ADNOC previously used the Murban futures contract system that began after the IFAD Murban contract launched in 2021, and the move also comes after the UAE exit from OPEC and OPEC+ effective May 1, which the company said freed it from production constraints.

Latest closeWTI crude $86.80 ▲3.8%

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