Abu Dhabi National Oil Co. (Adnoc) is reportedly preparing to overhaul the pricing framework for three of its primary offshore crude oil grades. According to insiders familiar with the development, the company intends to shift the pricing basis for Upper Zakum, Das, and Umm Lulu crudes from the Murban futures contract to the Dubai benchmark. This transition would involve pricing these specific grades based on differentials to Dubai quotes for shipments scheduled two months in advance, a method the state oil giant has already begun testing through recent tender processes for Gulf-bound cargoes.

Despite this strategic pivot, Adnoc’s flagship Murban crude will remain tethered to its existing pricing model. It will continue to be valued based on the monthly average of Murban futures traded on the ICE Futures Abu Dhabi platform. While Adnoc has officially declined to comment on the internal discussions, the move signals a notable adjustment in how the company manages its broader export portfolio to better align with prevailing regional benchmarks.